Chancery Division.

Sir Richard Scott V-C.

Judgment delivered 13 June 1997.

Corporation tax – Chargeable gains – Depreciatory transaction – Method of application of indexation allowance where loss was to be adjusted to reflect diminution of value attributable to depreciatory transaction – Whether losses resulting from depreciatory transaction extinguished later gains – Income and Corporation Taxes Act 1970, s. 280Finance Act 1982, s. 86 (Taxation of Chargeable Gains Act 1992, s. 176 and 53, 54).

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