Inland Revenue Comrs v Montgomery

Subject Matter

REVENUE — Capital Gains Tax — Disposal of assets — Insurance compensation on damaged property — Assignment of rights under insurance policies in consideration for capital sum — Whether capital sum “derived” from disposal of assets held by assignor — Whether transaction exempted from charging provisions — Finance Act 1965, ss 19 (1) (3), 22 (3), Sch 7, para 10 (as amended by Finance Act 1966, s 43, Sch 10, para 11)

[1975] Ch 266; [1975] 2 WLR 326