HL Surtax – Tax advantage – Counteraction – Capitalisation of profits by company followed by reduction and repayment of capital – Funds required to finance offer in opposition to takeover bid – Whether bona fide commercial transactions – Whether tax advantage a main object – Finance Act 1960 (8 and 9 Eliz. 2, c. 44), 28.
Citations:
[1967] UKHL TC – 43 – 705, [1967] 2 WLR 1001, [1967] 1 All ER 779, 1967 SC (HL) 31, [1967] 2 AC 18, 43 TC 705, 1967 SLT 113
Links:
Statutes:
Jurisdiction:
England and Wales
Income Tax
Updated: 14 June 2022; Ref: scu.559804