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Mansworth v Jelley

The Mansworth v Jelley case in 2002 had a significant impact on the treatment of capital gains tax on employee share options. On this page you can find articles and online resources providing judgments, articles and commentary.

What's on this page?

  • Online articles
  • Useful links
  • Articles and books from the Library

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2014 update

HMRC PTCIP decision
A 2014 update from the ICAEW Tax Faculty, reporting HMRC's Personal Tax Contentious Issues Panel (PTCIP) decision on Mansworth v Jelley. The Panel considered the circumstances in which HMRC will allow a claim for capital losses calculated on an earlier interpretation of the case.

Featured article

Hoops a many
Taxation, 22 August 2013, p.10-12
Provides background to the original Mansworth v. Jelley case and HMRC's original interpretation as well as discussing the revised HMRC guidance. To request a copy of this article please contact the Library.

Online articles

The library provides access to a range of articles in full text from leading business, finance and management journals. Access to articles is provided to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Articles are available to logged-in ICAEW members, ACA students and other entitled users.

Useful links


Her Majesty's Inspector of Taxes v Jelley [2002] EWCA Civ 1829 (12 December 2002)
Text of the Court of Appeal judgment regarding the case as published on the British and Irish Legal Information Institute (BAILLI) database.


Legitimate expectation and reliance on HMRC guidance (Tax Guide 03/13)
Minutes of two meetings between concerned external stakeholders and HMRC on Mansworth v Jelley and general issues surrounding legitimate expectation and reliance on HMRC Guidance.

Mansworth v Jelley – HMRC response
Update from the ICAEW Tax Faculty, published on 1 May 2012, reporting HRMC's response.

Mansworth v Jelley – Part Two
Update published by the ICAEW Tax Faculty on 23 April 2012 reporting that HMRC is sending standard letters to those pursuing a claim.

Mansworth v Jelley
Update from the ICAEW Tax Faculty published on 13 February 2012. It reports that HMRC have invited those who have claimed Mansworth v Jelley losses to withdraw their claim.

Mansworth v Jelley revisited
The ICAEW Tax Faculty published a briefing, TAXGUIDE 1/10 Mansworth v Jelley Revisited, on 21 January 2010 that provides guidance on the practical implications of HMRC's change of view.

More on R&C Brief 30/09 and ‘Mansworth v Jelley’
Article published by the Tax Faculty on 11 June 2009 reporting that the ICAEW has ‘written to HMRC asking for clarification of a number of issues’. The text of the letter can be seen in Shares acquired before 10 April 2003 by exercising employee share options – allowable deductions: Revenue & Customs Brief 30/09 (TAXREP 34/09).

‘Mansworth v Jelley’ – update
Article published by the Tax Faculty on 9 June 2009 reporting that the HMRC has overturned previous guidance.


Revenue & Customs Brief 60/09: Questions arising from Revenue & Customs Brief 30/09
Briefing issued by HMRC on 11 September 2009 in response to questions on the practical implications of the previous brief.

Revenue & Customs Brief 30/09: Shares acquired before 10 April 2003 by exercising employee share options – allowable deductions
Briefing issued by HMRC on 20 March 2009.

REV BN 31: Capital Gains: Options and the Market Value Rule
A Budget Note, issued on 9 April 2003, that closes the loophole opened by the Mansworth v Jelley case for share option exercises after 10 April 2003.

Press coverage

Jelley wobbles (again)
Article published in Taxation on 10 June 2009 in which Mark Rowland looks at ‘HMRC's late change of heart over capital gains tax on pre-April 2003 employee share options’.

Mansworth v Jelley – The Law Wobbles Back (CIOT)
Press release from the Chartered Institute of Taxation (CIOT), issued 9 April 2003, welcoming the Chancellor's decision to reverse the Mansworth-Jelley ruling in the Budget.

High earners urged to amend tax returns and enjoy CGT windfall (Daily Telegraph)
Article published on 21 January 2003.

CGT windfall for company execs (Accountancy Age)
Article published in the online Accountancy Age on 20 January 2003.

Articles and books in the Library collection

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You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.

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