HIGH COURT OF JUSTICE (CHANCERY DIVISION)–

6, 7 AND 10 JULY 1978

COURT OF APPEAL–

14 MAY 1979

HOUSE OF LORDS–

18, 19 AND 20 JUNE AND 24 JULY 1980

Capital gains tax – Disposal of shares – Whether rights to receive deferred payments constituted ‘incorporeal property’ – Whether a disposal of such property on such payments being made – Finance Act 1965 (c 25), ss 22(1) and 22(3).

Meaning of ‘debt’ in Finance Act 1965 (c 25), Sch 7, para 11(1) – Whether exemption provided by Sch 7, para 11(1), available.