CAPITAL GAINS TAX – Computation of gain – Second hand life assurance policy – Surrender proceeds brought into computation of chargeable event gain for income tax – Whether surrender proceeds to be excluded as disposal consideration for CGT purposes – No – TCGA 1992 s37(1)CAPITAL GAINS TAX – Acquisition consideration – Wholly and exclusively for the acquisition of the asset – Second hand life assurance policies acquired for ¬¨¬£210,000 above surrender value as part of tax avoidance scheme – Whether entire consideration incurred for acquisition of the policies or as part of pre-ordained tax avoidance scheme – Whether alternatively the ¬¨¬£210,000 was consideration for acquisition of the policies – No – Appeal dismissed – TCGA s.38(1)Patrick Way and Hui Ling McCarthy appeared for the AppellantTimothy Brennan KC and Nicola Shaw appeared for the Respondent
Jason Drummond v. The Commissioners for Her Majesty’s Revenue and Customs – Special Commissioners
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Gray’s Inn Tax Chambers are delighted to announce Michael Firth is to be appointed King’s Counsel as per the new Silk appointments announced on Friday 19th January 2024.
22 Jan 2024
Gray’s Inn Tax Chambers are delighted to have won two awards at this year’s Chambers UK Bar Awards ceremony held on 30 November.
04 Dec 2023
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