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INTERNATIONAL U.K. House of Lords

Scottish Provident Institution v Inland Revenue Commissioners [2004] UKHL TC_76_538 (25 November 2004)

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Scottish Provident Institution v Inland Revenue Commissioners [2004] UKHL TC_76_538 (25 November 2004)

Corporation tax – Cross options in respect of gilts – Collateral amount – Ramsay principle – Whether options self-cancelling – Whether single composite transaction with no commercial purpose other than tax avoidance – Whether commercially irrelevant contingency prevented finding of single composite transaction – Whether appropriate to compute profit and loss in respect of each option on a mark to market basis – Whether each option a qualifying contract – Whether appropriate to attach a nil value to each option on morning of 1 April 1996 – Whether appropriate to exclude collateral amount from computation – Debt contracts – Interpretation of deeming provisions – Finance Act 1994, ss 147A, 150A, 154, 155, 156 and 177(2), Finance Act 1996, Sch 15, para 25.
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Source: https://www.bailii.org/

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