In J O’Donnell v HMRC[2017] UKFTT 347 (26 April 2017) the FTT found that some expenses claimed in relation to the disposal of properties were not deductible from the gain under TCGA 1992 s 38.
Mr O’Donnell owned properties which he had acquired with a loan secured by a charge over the properties. In 2008 Kleinwort Benson called for immediate repayment of the loans. As Mr O’Donnell was unable to make the repayment his uncle Mr Smith stepped in. The properties were conveyed to him and charged to his lender. He then declared that he held the properties on trust.
The issue was the calculation of the gain realised by Mr O’Donnell on the sale to Mr Smith. The FTT considered that because of the connection between Mr O’Donnell and Mr Smith the transaction fell within the scope...
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In J O’Donnell v HMRC[2017] UKFTT 347 (26 April 2017) the FTT found that some expenses claimed in relation to the disposal of properties were not deductible from the gain under TCGA 1992 s 38.
Mr O’Donnell owned properties which he had acquired with a loan secured by a charge over the properties. In 2008 Kleinwort Benson called for immediate repayment of the loans. As Mr O’Donnell was unable to make the repayment his uncle Mr Smith stepped in. The properties were conveyed to him and charged to his lender. He then declared that he held the properties on trust.
The issue was the calculation of the gain realised by Mr O’Donnell on the sale to Mr Smith. The FTT considered that because of the connection between Mr O’Donnell and Mr Smith the transaction fell within the scope...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
