Market leading insight for tax experts
View online issue

Gordon L Weston v HMRC

In Gordon L Weston v HMRC (TC03152 – 16 December 2013) Mr Weston appealed against HMRC’s decision to deny a negligible value claim (TCGA 1992 s 24) in relation to a claim he had against Stanford International Bank Ltd (SIB).

Mr Weston had invested in a non-negotiable certificate of deposit issued to him by SIB (‘the CD’). SIB had been placed in liquidation and its liquidator had informed Mr Weston that he would not recover his investment.

The tribunal considered that the asset was a sterling deposit with SIB (regardless of the fact that SIB had converted the monies in dollars and invested them in dollars) and that the fraudulent activities of SIB did not affect the debtor/creditor relationship between Mr Weston and SIB. Consequently the CD was not a chargeable asset for CGT purposes.

Furthermore applying ZimProperties [1985] STC 90 Mr Weston’s right of action against...

If you are not a subscriber, subscribe now to read this content.
If you are already a subscriber, sign in
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
EDITOR'S PICKstar
Top