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Jason Drummond v. The Commissioners for Her Majesty’s Revenue and Customs – Special Commissioners

CAPITAL GAINS TAX РComputation of gain РSecond hand life assurance policy РSurrender proceeds brought into computation of chargeable event gain for income tax РWhether surrender proceeds to be excluded as disposal consideration for CGT purposes РNo РTCGA 1992 s37(1)CAPITAL GAINS TAX РAcquisition consideration РWholly and exclusively for the acquisition of the asset РSecond hand life assurance policies acquired for ¬£210,000 above surrender value as part of tax avoidance scheme РWhether entire consideration incurred for acquisition of the policies or as part of pre-ordained tax avoidance scheme РWhether alternatively the ¬£210,000 was consideration for acquisition of the policies РNo РAppeal dismissed РTCGA s.38(1)Patrick Way and Hui Ling McCarthy appeared for the AppellantTimothy Brennan KC and Nicola Shaw appeared for the Respondent

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