Man covering face

Gains (and losses) on disposals of assets are, broadly, computed by deducting allowable expenditure from the disposal proceeds.  Section 49(1)(c) TCGA 1992 provides that no allowance is made in the first instance for ‘any contingent liability in respect of a warranty or representation made on a disposal by way of a sale or lease of property other than land’.  However where such a contingent liability becomes enforceable and is enforced, an adjustment can be made (section 49(2)).

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Monte Carlo or bust!


Hermes bag for 'Monte Carlo or bust!' blog post

‘Tax havens are places where senior executives of the world’s largest financial and industrial corporations mix with figures from the artistic or social “jet-set”, together with multimillionaires who combine business with pleasure. They all rub shoulders with somewhat dubious individuals…’

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