Hadfield v Revenue & Customs [2010] UKFTT 261 (TC) (10 June 2010)

Hadfield v Revenue & Customs [2010] UKFTT 261 (TC) (10 June 2010)

Mr Hadfield did not become absolutely entitled to the consideration shares until he accepted the exchange offer in July 2005; therefore, relief under section 135 TCGA 1992 was not available as there was no 'issue' of shares to him prior to the offer.

Citation
[2010] UKFTT 261
Parties
Appellant: Peter Hadfield; Respondents: The Commissioners for Her Majesty’s Revenue and Customs (Capital Gains Tax)
Jurisdiction
United Kingdom
Judgment Date
10 June 2010
Procedural Posture
Appeal / Final Judgment
Outcome
Appeal dismissed
Legal Topics
Capital Gains Tax, Share for Share Exchange, Computation of Gain, Relief Under TCGA 1992 S.135
Tax Law Capital Gains Tax Share for Share Exchange Computation of Gain Relief Under TCGA 1992 S.135

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Parties

Peter Hadfield

Appellant

The Commissioners for Her Majesty’s Revenue and Customs (Capital Gains Tax)

Respondents

Procedural Posture

Appeal / Final Judgment

Legal Issues

  1. 1 Whether consideration shares had already been acquired by taxpayer
  2. 2 Whether relief available under TCGA 1992 s.135

Ratio Decidendi

Mr Hadfield did not become absolutely entitled to the consideration shares until he accepted the exchange offer in July 2005; therefore, relief under section 135 TCGA 1992 was not available as there was no 'issue' of shares to him prior to the offer.

Court Disposition

Appeal dismissed

Orders

  • Appeal dismissed; HMRC's amendment stands; full written findings and reasons provided