HL Surtax – Tax advantage – Counteraction – Bonus issue o f redeemable preference shares followed by redemption – Main object to avoid loss of fam ily control through sales to meet estate duty – Whether a commercial object – Married woman not separately assessed – Whether redemption moneys subject to counteraction – Finance A ct 1960 (8 and 9 Eliz. 2, c. 44), ss. 28 and 43(4)(g); Finance Act 1962 (10 and 11 Eliz. 2, c. 44), s. 25(4).
Citations:
[1976] UKHL TC – 50 – 583, [1976] STC 28, [1976] TR 1, 50 TC 583, [1976] 1 WLR 191, [1976] 1 All ER 481
Links:
Jurisdiction:
England and Wales
Income Tax
Updated: 18 June 2022; Ref: scu.559833
