A purchaser of short-dated gilts pregnant with interest would not be to escape liability to tax on the whole of the interest payment, even if he had paid an extra sum expressed to be for the accrued interest.
[1980] STC 650
England and Wales
Cited by:
Cited – Revenue and Customs v DCC Holdings (UK) Ltd SC 15-Dec-2010
The taxpayer had entered into a ‘repo’ loan to its bank, agreeing to purchase a block of gilt edged securities, and to resell them at a later date at a fixed figure. The profit and figures included an allowance for the interest payments to be made. . .
Lists of cited by and citing cases may be incomplete.
Updated: 16 October 2021; Ref: scu.428303
