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Omega Group Pension Scheme v Inland Revenue: SCIT 22 Jun 2001

SCIT TRANSACTIONS IN SECURITIES – share buy-backs – trustees of exempt approved scheme purchased shares in Powergen which subsequently bought back the shares – trustees claimed tax credit – whether the scheme received an abnormal amount -no – whether the scheme obtained a tax advantage – yes – whether the sales back to Powergen were … Continue reading Omega Group Pension Scheme v Inland Revenue: SCIT 22 Jun 2001

Inland Revenue Commissioners v Sema Group Pension Scheme Trustees: CA 19 Dec 2002

The taxpayers appealed a notice under section 703(3) to counteract the tax advantage received by them from a share buy-back scheme. The scheme was an approved pension scheme, under which the quoted company agreed to buy back its own shares. Held: The excess paid over the market value by the company was to be treated … Continue reading Inland Revenue Commissioners v Sema Group Pension Scheme Trustees: CA 19 Dec 2002