Revenue and Customs Commissioners v Trigg (a partner of Tonnan LLP)

Income tax – Capital gains. The Upper Tribunal (Tax and Chancery Chamber) allowed the appeal by the Revenue and Customs Commissioners against a decision of the First-tier Tribunal (Tax Chamber), following a joint reference to it by the taxpayer and the Revenue, that 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.

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