PC (Jamaica) The transfer of shares in exchange for a debenture with a view to its redemption a fortnight later was not regarded as an exempt transfer in exchange for the debenture but rather as an exchange for money. Elements which have been inserted into a transaction without any business or commercial purpose did not prevent the composite transaction from falling within a charge to tax or bring it within an exemption from tax.
Judges:
Lord Nicholls of Birkenhead, Lord Hoffmann, Lord Rodger of Earlsferry, Lord Carswell, Lord Brown of Eaton-under-Heywood
Citations:
[2004] UKPC 16, [2004] STC 1377, [2004] BTC 8077, [2004] STI 990
Links:
Jurisdiction:
England and Wales
Cited by:
Cited – Barclays Mercantile Business Finance Ltd v Mawson (HM Inspector of Taxes) HL 25-Nov-2004
The company had paid substantial sums out in establishing a gas pipeline, and claimed those sums against its tax as capital allowances. The transaction involved a sale and leaseback arrangement which the special commissioners had found to be a . .
Cited – UBS Ag and Another v Revenue and Customs SC 9-Mar-2016
UBS AG devised an employee bonus scheme to take advantage of the provisions of Chapter 2 of the 2003 Act, with the sole purpose other than tax avoidance, and such consequential advantages as would flow from tax avoidance. Several pre-ordained steps . .
Lists of cited by and citing cases may be incomplete.
Stamp Duty
Updated: 26 July 2022; Ref: scu.195697
