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Decision Number: |
TC 04343 |
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Appellant:
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John Arthur Day and Amanda Jane Dalgety |
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Respondent:
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The Commissioners for Her Majesty's Revenue & Customs |
Chairmen / Special
Commissioners: |
Rachel PEREZ
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Date Of Decision:
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08/04/2015 |
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Main Category:
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CAPITAL GAINS TAX/TAXATION OF CHARGEABLE GAINS |
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Main Subcategory:
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Computation |
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Notes:
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Capital Gains Tax: Sections 38, 222 and 223 Taxation of Chargeable Gains
Act 1992 (“TCGA”). Section 95 Taxes Management Act 1970. Meaning of
“consideration” and of “acquisition cost” in section 38 TCGA. Whether
mortgage fees deductible as incidental costs of disposal under section
38(1)(c) and (2) TCGA—Held: no. Whether deposit on property purchase
effectively paid by vendors to themselves (“gifted deposit”) goes to reduce
consideration to be used as starting point under section 38 TCGA—Held:
yes. Whether private residence relief available under sections 222 and 223
TCGA—Held: no, on the facts. Whether painting and decorating cost
claimed as enhancement cost is deductible under section 38(1)(b) TCGA—
Held: yes, on the facts. Penalty for negligence under section 95 Taxes
Management Act 1970 |
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Decision(s) to Download:
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4343 New.pdf 
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