Trigg (a partner in Tonnant LLP) v Revenue and Customs Commissioners

Income tax – Capital gains. Corporate bonds purchased by the taxpayer and subsequently realised in whole or in part were qualifying corporate bonds within s 117 of the Taxation of Chargeable Gains Act 1992 and thereby qualified for the exemption from capital gains tax contained in s 115 of that Act. The Court of Appeal, Civil Division, interpreted two clauses attached to the bonds and found that they were 'for conversion into, or redemption in a currency other than sterling'.

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