Symonds v Revenue & Customs [2012] UKFTT 197 (TC) (16 March 2012)

Symonds v Revenue & Customs [2012] UKFTT 197 (TC) (16 March 2012)

The Tribunal accepted that £16,800 in cash withdrawals for property improvements was sufficiently evidenced and allowable as enhancement expenditure under s.38 TCGA 1992. The 'gifted deposit' was not an allowable deduction as it did not qualify as an incidental cost under the legislation and was not part of the consideration for disposal.

Citation
[2012] UKFTT 197 (TC)
Parties
Appellant: Howard Symonds; Respondents: The Commissioners for Her Majesty’s Revenue & Customs
Jurisdiction
United Kingdom
Judgment Date
16 March 2012
Procedural Posture
Tax Appeal / First Tier Tribunal Decision
Outcome
Appeal allowed in part and dismissed in part
Legal Topics
Capital Gains Tax, Allowable Expenses, Chargeable Gains Computation
Tax Law Capital Gains Tax Allowable Expenses Chargeable Gains Computation

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Parties

Howard Symonds

Appellant

The Commissioners for Her Majesty’s Revenue & Customs

Respondents

Procedural Posture

Tax Appeal / First Tier Tribunal Decision

Legal Issues

  1. 1 Whether improvements to property are an allowable expense for capital gains tax purposes
  2. 2 Whether a 'gifted deposit' is an allowable expense for capital gains tax purposes

Ratio Decidendi

The Tribunal accepted that £16,800 in cash withdrawals for property improvements was sufficiently evidenced and allowable as enhancement expenditure under s.38 TCGA 1992. The 'gifted deposit' was not an allowable deduction as it did not qualify as an incidental cost under the legislation and was not part of the consideration for disposal.

Court Disposition

Appeal allowed in part and dismissed in part

Orders

  • The appeal is allowed in respect of £16,800 for property improvements as an allowable deduction.
  • The appeal is dismissed in respect of the £60,040 'gifted deposit' as an allowable deduction.