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Tax bonanza for ex-C&G savers
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Newspaper Article
Tax bonanza for ex-C&G savers
1997
Overview
Members of former building society Cheltenham & Gloucester have been saved millions of pounds by a ruling against the Inland Revenue over the tax treatment of cash bonuses. The money was a payment to the members by Lloyds Bank when it took over C&G. But the Inland Revenue decided last spring the bonuses were chargeable to capital gains tax, bringing an unexpected bill to thousands of people who now stand to receive tax rebates. Neil Denniss, senior tax manager in the Cheltenham office of the accountants Clark Whitehill, organised a challenge to the Inland Revenue by 150 C&G investors.
Publisher
Independent Digital News & Media
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