Business tax: CGT and options
In HP Schofield v HMRC (TC00498 – 18 May), an individual (S) realised a substantial capital gain in 2002/03 on the disposal of some loan notes.
Business tax: CGT and options
In HP Schofield v HMRC (TC00498 – 18 May) an individual (S) realised a substantial capital gain in 2002/03 on the disposal of some loan notes.
However in his tax return he claimed that he had made a loss of more than £11 000 000 on the disposal of a 'put' option. He had purchased the option on 7 February 2003 (along with a corresponding 'call' option) and disposed of it on 4 April 2003. (He disposed of the 'call' option on 7 April 2003 by which time he had become resident in Spain so that the gain on this disposal was outside the scope of UK CGT.) HMRC...
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Business tax: CGT and options
In HP Schofield v HMRC (TC00498 – 18 May), an individual (S) realised a substantial capital gain in 2002/03 on the disposal of some loan notes.
Business tax: CGT and options
In HP Schofield v HMRC (TC00498 – 18 May) an individual (S) realised a substantial capital gain in 2002/03 on the disposal of some loan notes.
However in his tax return he claimed that he had made a loss of more than £11 000 000 on the disposal of a 'put' option. He had purchased the option on 7 February 2003 (along with a corresponding 'call' option) and disposed of it on 4 April 2003. (He disposed of the 'call' option on 7 April 2003 by which time he had become resident in Spain so that the gain on this disposal was outside the scope of UK CGT.) HMRC...
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