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Marren v Ingles

[1980] 3 All ER 95

Case summary last updated at 21/02/2020 18:44 by the Oxbridge Notes in-house law team.

Judgement for the case Marren v Ingles

·   A contingent right to receive a further sum is a chose in action and thus an ‘asset’.
·   Ingles agreed to sell 60 shares in a private co for £750 per share payable immediately plus a liability to pay additional consideration (calculated by reference to future profit levels) subject to certain contingencies.
·   The contingencies were satisfied two years later and a further £2,825 per share became payable. The Crown contended that the contingent right to the further payment was a separate asset. 
·   Held, the taxpayer's right to the deferred consideration was an 'asset' within s22(1) Finance Act 1965. The payment of the deferred consideration to the taxpayer was a capital sum derived by him from that asset.
·   Furthermore where a capital sum was derived from an asset there was a disposal of the asset under s 22(3) whether or not the person paying the capital sum had acquired the asset (disagreed with Walton J).

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