HMRC may have overlooked their own statement of practice which says that such a transfer is in general a disposal, writes David Whiscombe.
There’s an iconic scene in Raiders of the Lost Ark in which our hero confronted with a terrifying sword-wielding assassin simply pulls a gun and shoots him dead. The scene came to mind when reading the First-tier Tribunal case of GCH Corporation Ltd and others v HMRC [2024] UKFTT 922 (TC) – a case in which the taxpayers sought (successfully as it turned out) to take advantage of TCGA 1992 s 59A to avoid CGT.
But did HMRC forget to bring their gun to the sword fight?
Each of the four members of an LLP sold to the LLP an asset pregnant with gain. It was common ground that if at the time of the transaction the LLP met the requirements of s 59A(1) (i.e....
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HMRC may have overlooked their own statement of practice which says that such a transfer is in general a disposal, writes David Whiscombe.
There’s an iconic scene in Raiders of the Lost Ark in which our hero confronted with a terrifying sword-wielding assassin simply pulls a gun and shoots him dead. The scene came to mind when reading the First-tier Tribunal case of GCH Corporation Ltd and others v HMRC [2024] UKFTT 922 (TC) – a case in which the taxpayers sought (successfully as it turned out) to take advantage of TCGA 1992 s 59A to avoid CGT.
But did HMRC forget to bring their gun to the sword fight?
Each of the four members of an LLP sold to the LLP an asset pregnant with gain. It was common ground that if at the time of the transaction the LLP met the requirements of s 59A(1) (i.e....
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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