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Tesco plc v. Crimmin (Inspector of Taxes) [1997] STC 981 (Ch D)

Depreciatory transactions. Section 176 TCGA 1992 (formerly s.280 TA 1970).The machinery of section 176 (reduction of allowable loss on a disposal of shares in a company if the company has previously disposed of assets at an undervalue to another group member) applies to reduce the allowable loss after indexation – so the taxpayer does not retain the benefit of the indexation allowance.Andrew Park KC and Hugh McKay appeared for the taxpayer

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