The Law Reports (Chancery Division)
[1979] Ch 1
[CHANCERY DIVISION]
HART (INSPECTOR OF TAXES) v. BRISCOE AND OTHERS
1977 Nov. 11,
14,
15;
24
Brightman J.
Revenue
— Capital gains tax
— Settled property
— Power of advancement
— Trustees exercising power to transfer settled property to trustees of settlement constituted ad hoc to receive them
— Ad hoc settlement taking place of original settlement
— Whether to be regarded as separate settlement
— Whether trustees having distinct entity from trustees of original settlement
— Whether “deemed disposal” giving rise to chargeable gain of settled property on trustees exercising power of advancement
—
Finance Act 1965 (c. 25), s. 25 (3)
Revenue
— Capital gains tax
— Settled property
— Trustees' exercise of power of advancement to advance settled property into new ad hoc settlement
— Whether trustees of ad hoc settlement becoming “absolutely entitled” as against trustees of original settlement
— Whether “deemed disposal” of settled property on exercise of power of advancement giving rise to chargeable gain
—
Finance Act 1965, s. 25 (3)