Chancery Division.

Rattee J.

Judgment delivered 16 February 1996.

Capital gains tax – Disposal of assets – Development agreement – Building work to be part consideration for grant of leases – Money’s worth – Whether value of work deemed to have been received at the date of development agreement or on completion of the work – Meaning of ‘notwithstanding that no asset acquired by person paying capital sum’ – Whether grant of leases amounted to ‘use or exploitation of assets’ – Capital Gains Tax Act 1979, s. 19(2), 20(1)(d) (Taxation of Chargeable Gains Act 1992, s. 21(2)22(1)(d))

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