Chancery Division.

[The appeal against this decision is reported at [1985] BTC 105.]

Judgment delivered 27 June 1983.

Capital gains tax – Land acquired pre-6 April 1965 by way of gift – Sold at price reflecting development value – Whether gain to be computed by deducting market value as at 6 April 1965 – Whether ‘expenditure incurred’ includes deemed expenditure – Finance Act 1965, sec. 22(4); Sch. 6, para. 23, 31 (see now: Capital Gains Tax Act 1979, sec. 19(3); Sch. 5, para. 9(1). Paragraph 31 not re-enacted).

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