In Land Securities PLC v HMRC (Upper Tribunal – 14 March) a company (L) entered into a series of transactions between March and September 2003 disposing of nine shares which it had acquired in 1969 and reacquiring them six months later. The transactions were intended to exploit a perceived loophole in TCGA 1992 s 106 (which has subsequently been repealed) and create a capital loss for tax purposes of £200 000 000. HMRC rejected the claims on the basis that the value-shifting provisions of TCGA 1992 s 30 applied to diminish the loss. The Upper Tribunal dismissed L’s appeal. Roth J held that for the purpose of s 30(9) the ‘relevant acquisition of the asset’ was the reacquisition of the shares in September 2003 rather than their original acquisition in 1969 so that this was ‘a case...
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In Land Securities PLC v HMRC (Upper Tribunal – 14 March) a company (L) entered into a series of transactions between March and September 2003 disposing of nine shares which it had acquired in 1969 and reacquiring them six months later. The transactions were intended to exploit a perceived loophole in TCGA 1992 s 106 (which has subsequently been repealed) and create a capital loss for tax purposes of £200 000 000. HMRC rejected the claims on the basis that the value-shifting provisions of TCGA 1992 s 30 applied to diminish the loss. The Upper Tribunal dismissed L’s appeal. Roth J held that for the purpose of s 30(9) the ‘relevant acquisition of the asset’ was the reacquisition of the shares in September 2003 rather than their original acquisition in 1969 so that this was ‘a case...
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