Edward Newfield v The Commissioners for HMRC
Section 66 of the Taxation of Chargeable Gains Act 1992 applies, deeming the property to have been held by the Appellant throughout the period, making him liable for capital gains tax on the entire gain; the Respondents are not estopped from assessing him as no clear promise or detrimental reliance was established.
- Parties
- Appellant: Edward Newfield; Respondents: The Commissioners for His Majesty’s Revenue and Customs
- Jurisdiction
- England and Wales
- Judgment Date
- 11 October 2024
- Procedural Posture
- Tax Appeal / Final Judgment
- Outcome
- Appeal dismissed
- Legal Topics
- Capital Gains Tax, Beneficial Ownership, Bankruptcy, Promissory Estoppel
Case Brief
Summary, issues, holding and outcome
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Parties
Edward Newfield
Appellant
The Commissioners for His Majesty’s Revenue and Customs
Respondents
Procedural Posture
Tax Appeal / Final Judgment
Legal Issues
- 1 Whether Section 66 of the Taxation of Chargeable Gains Act 1992 applies to deem the property to have been held by the Appellant throughout the period of bankruptcy
- 2 Whether the Respondents are estopped from assessing the Appellant to capital gains tax due to representations made during the dispute
Ratio Decidendi
Section 66 of the Taxation of Chargeable Gains Act 1992 applies, deeming the property to have been held by the Appellant throughout the period, making him liable for capital gains tax on the entire gain; the Respondents are not estopped from assessing him as no clear promise or detrimental reliance was established.
Court Disposition
Appeal dismissed
Orders
- Assessment to capital gains tax upheld
- Appellant liable for capital gains tax on chargeable gain
Full Case Text
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