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Using contract law to manage capital gains tax exposures paper

Publication date: 03 Mar 10

Source: NATIONAL DIVISION, THE TAX INSTITUTE

Abstract:
Tax is levied on capital proceeds from CGT events as defined by tax law; but the when, which and what of the CGT event is often a matter of contract law rather than tax law. Contract law determines the time and identity of the event, and the value of the capital proceeds. This paper considers:

• using contracts to determine timing of disposals
• using earn-out contracts to defer receipt of capital proceeds
• using contracts to choose the relevant CGT event
• amendments, novations and assignments of contracts.

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