Inland Revenue Commissioners v Executors of the estate of Dr Robert Richards
[1971] 1 All ER 785(Decision by: Lord Donovan)
Between: Inland Revenue Commissioners v
And: Executors of the estate of Dr Robert Richards
Judges:
Lord Reid
Lord Morris of Borth-Y-Gest
Lord Guest
Lord Donovan
Subject References:
TAXATION
CAPITAL GAINS TAX
ASSESSMENT
Deductions from consideration on sale
Expenditure wholly and exclusively incurred in establishing, preserving or defending title to asset
Executors of estate
Expenditure incurred by executors in obtaining valuations and procuring confirmation of title
Valuations necessary for purpose of satisfying Revenue's claim to estate duty
Satisfying claim an essential step before executors could obtain title by confirmation and deal with assets
Sale of assets realising capital gain
Whether cost of obtaining valuations expenditure wholly and exclusively incurred by executors in establishing title to assets
Legislative References:
Finance Act 1965 - Sch 6, para 4(1)(b)
Judgment date: 4 February 1971
Decision by:
Lord Donovan
My Lords, I agree with the opinion of my noble and learned friend, Lord Guest, and like him would dismiss this appeal.
Appeal dismissed.
- Solicitors: Solicitor of Inland Revenue agent for Solicitor of Inland Revenue, Scotland; Titmuss, Sainer & Webb agents for Steedman, Ramage & Co, Edinburgh (for the respondents).