Court of Appeal (Civil Division).

Judgment delivered 12 February 1986.

Capital gains tax – Computation of gain – Cost of acquisition – Asset transferred to residuary legatee in return for balancing payment – Whether taxpayer entitled to deduction in respect of market value at death and sum borrowed to pay executor – Finance Act 1965, Sch. 6. para. 4(1)(b) (now Capital Gains Tax Act 1979. sec. 32(1)(b)).

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