The Law Reports (Chancery Division)
[1965] Ch 866
[CHANCERY DIVISION]
INLAND REVENUE COMMISSIONERS
v.
PARKER.
INLAND REVENUE COMMISSIONERS
v.
PARKER.
INLAND REVENUE COMMISSIONERS
v.
TOMLINSON.
INLAND REVENUE COMMISSIONERS
v.
PARKER.
1964 July 6,
7,
8,
28.
Ungoed-Thomas J.
Revenue
— Surtax
— Company
— Capitalisation of accumulated profits
— Issue of bonus debentures redeemable after seven years
— Redemption
— Notice that requisite to treat redemption sums as if net dividends at date of receipt
— Whether debentures “securities”
— Whether scheme “transaction in securities”
— Whether tax advantage obtained on issue or redemption
— Requisite basis for counter-acting tax advantage
—
Finance Act, 1960 (8 & 9 Eliz. 2, c. 44), ss. 28, 43 (4).