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First-tier Tribunal (Tax)
You are here: BAILII >> Databases >> First-tier Tribunal (Tax) >> Christopher Drake v Revenue & Customs (CAPITAL GAINS TAX - agreement for grant of lease on payment of premium) [2022] UKFTT 25 (TC) (17 January 2022)
URL: http://www.bailii.org/uk/cases/UKFTT/TC/2022/TC08377.html
Cite as: [2022] SFTD 561, [2022] UKFTT 25 (TC)
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| Decision Number: | TC 08377 |
| Appellant: | CHRISTOPHER DRAKE |
| Respondent: | Her Majesty's Revenue & Customs |
|
Chairmen / Special Commissioners: |
Zachary CITRON |
| Date Of Decision: | 17/01/2022 |
| Main Category: | PROCEDURE |
| Main Subcategory: | Other |
| Notes: | CAPITAL GAINS TAX - agreement for grant of lease on payment of premium - taxpayer paid deposit at time of contract as part payment of premium due on completion - taxpayer defaulted on next stage payment of premium and so contract rescinded - was the lost deposit an allowable loss? - Hardy (Upper Tribunal), Lloyd-Webber (First-tier Tribunal) and Underwood (Court of Appeal) considered - Held: the Tribunal was bound by the decision of the Upper Tribunal in Hardy - appeal dismissed |