HL Surtax – Tax advantage – Counteraction – Contracts made before 5th April 1960 for forward dividend-strip – Purchase money released to vendor after that date as and when dividends paid – Whether tax advantage obtained from transactions in securities carried out before 5th April 1960 – Finance Act 1960 (8 and 9 C Eliz. 2, c. 44), js. 28(1) and 43.
Lord Morris of Borth-y-Gest stated: ‘Very clear words are . . necessary to overturn the presumption against the retroactive operation of a taxing provision. . . A provision designed to have retroactive operation would have to be enacted in clear and positive terms.’
Lord Morris of Borth-y-Gest
[1971] UKHL TC – 47 – 240, [1972] AC 109, [1971] 3 WLR 386, 47 TC 240, [1971] TR 233, [1971] 3 All ER 136
Bailii
Finance Act 1960 28(1) 43
England and Wales
Cited by:
Cited – John Mander Pension Trustees Ltd v Revenue and Customs SC 29-Jul-2015
The pension scheme had been approved, but that approval later withdraw. HMRC issued assessment for the years in which it had been approved. The taxpayer argued that such assessments applied to the date with effect from which the approval is . .
Lists of cited by and citing cases may be incomplete.
Income Tax
Updated: 10 January 2022; Ref: scu.559816