First-tier Tribunal rules no CGT on non-QCB element of conversion of securities to QCBs | Practical Law

First-tier Tribunal rules no CGT on non-QCB element of conversion of securities to QCBs | Practical Law

The First-tier Tribunal has held that taxpayers were not liable to CGT on the redemption of their QCBs because the earlier conversion of non-QCBs and QCBs for QCBs was a single conversion that fell outside section 116 of the Taxation of Chargeable Gains Act 1992 (Hancock & Hancock v HMRC [2014] UKFTT 695 (TC)).

First-tier Tribunal rules no CGT on non-QCB element of conversion of securities to QCBs

Practical Law UK Legal Update 8-575-9926 (Approx. 6 pages)

First-tier Tribunal rules no CGT on non-QCB element of conversion of securities to QCBs

by Practical Law Tax
Published on 28 Jul 2014 • United Kingdom
The First-tier Tribunal has held that taxpayers were not liable to CGT on the redemption of their QCBs because the earlier conversion of non-QCBs and QCBs for QCBs was a single conversion that fell outside section 116 of the Taxation of Chargeable Gains Act 1992 (Hancock & Hancock v HMRC [2014] UKFTT 695 (TC)).