United Kingdom House of Lords Decisions

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URL: http://www.bailii.org/uk/cases/UKHL/2000/TC_72_561.html
Cite as: [2000] UKHL TC_72_561, 72 TC 561, [2000] 34 EG 84, [2000] STI 783, [2000] BTC 190, [2000] 1 WLR 1107, [2000] WLR 1107, [2000] STC 420, [2000] EG 62 (CS), [2000] 3 All ER 218, [2000] 2 EGLR 69

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Garner (Inspector of Taxes) v Pounds Shipowners & Shipbreakers Ltd [2000] UKHL TC_72_561 (18 May 2000)

Corporation tax - Capital gains tax - Chargeable gains - Consideration for disposal - Deductible expenditure - Option to buy land granted - Grantor to obtain release of restrictive covenants over land - Payment by grantee returnable if covenants not released - Whether consideration for grant of option net sum after allowing cost of obtaining release of covenants - Whether that cost deductible expenditure- -Capital Gains Tax Act 1979. ss 32. 40 and 41.

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