bed and breakfasting
The sale of shares on one day and their repurchase the next day. This has traditionally been undertaken in order to trigger a loss that can then be put against gains that would otherwise be subject to capital gains tax. The Taxation of Chargeable Gains Act 1992 s 106A makes the arrangement ineffective for shares sold and repurchased within a 30 day period. There are, however, no provisions that stop the bed and breakfasting of other assets and the arrangement is sometimes made for e.g. works of art. An imaginative use of the bed and breakfast anti-avoidance provisions was demonstrated in Davies v Hicks [2005] EWHC 847, in which the taxpayer contrived to avoid a tax charge on a sale for £1,676,000 when a trust was moved from UK trustees to trustees in Mauritius.

• Constitutional Treaty of the European Union
• constitution of trusts
• constitutive theory
• construction
• Construction Industry Scheme
• constructive
• constructive desertion
• constructive dismissal
• constructive fraud
• constructive notice
• constructive total loss
• constructive trust
• constructive trustee
• construe
• consul
• consumer
• consumer-credit agreement
• consumer-credit business
• consumer-credit register
• consumer goods
• consumer-hire agreement
• consumer-hire business
• consumer protection
• consumer trade practice
• consummation of a marriage