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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Separate settlements: substance of the transaction

The question whether what we now have is a separate settlement cannot be determined by the rigid application of rules. Instead as Lord Wilberforce said in Roome v Edwards, 54TC at 390A. `The question whether a particular set of facts amounts to a settlement should be approached by asking what a person, with knowledge of the legal context of the word under established doctrine and applying this knowledge in a practical and commonsense manner to the facts under examination, would conclude.’