Julie Butler and Fred Butler (Butler & Co Alresford) examine an FTT case that denied a deduction for legal expenditure incurred defending rights to a number of assets ‘collectively’ when one of those assets was sold separately.
The fact that joint landowners can dispute over relatively minor (and major) points is well known. Likewise beneficiaries to a will may also fight over its content detail and emotional impact. Here we look at a case which sets out the additional costs that can arise from such disputes.
The facts of the case
The case under the spotlight is J M Slade and another v HMRC [2022] UKFTT 227 (TC). The First-tier Tribunal (FTT) found the legal expenditure incurred defending rights to a number of assets ‘collectively’ was not an allowable deduction for CGT purposes when one of those assets was sold alone.
In her will Dora...
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Julie Butler and Fred Butler (Butler & Co Alresford) examine an FTT case that denied a deduction for legal expenditure incurred defending rights to a number of assets ‘collectively’ when one of those assets was sold separately.
The fact that joint landowners can dispute over relatively minor (and major) points is well known. Likewise beneficiaries to a will may also fight over its content detail and emotional impact. Here we look at a case which sets out the additional costs that can arise from such disputes.
The facts of the case
The case under the spotlight is J M Slade and another v HMRC [2022] UKFTT 227 (TC). The First-tier Tribunal (FTT) found the legal expenditure incurred defending rights to a number of assets ‘collectively’ was not an allowable deduction for CGT purposes when one of those assets was sold alone.
In her will Dora...
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