The Weekly Law Reports
[1966] 2 WLR 486
[HOUSE OF LORDS]
INLAND REVENUE COMMISSIONERS APPELLANT AND PARKER RESPONDENT
1965 Nov. 16,
17,
18
1966 Jan. 27
1966 Jan. 27
VISCOUNT DILHORNE, LORD MORTON OF HENRYTON, LORD HODSON, LORD GUEST and LORD WILBERFORCE.
Revenue
— Surtax
— Company
— Capitalisation of accumulated profits
— Issue of bonus debentures redeemable after seven years
— Redemption
— Whether debentures “security”
— Whether scheme “transaction in securities”
— Whether “tax advantage” obtained on issue or redemption
—
Finance Act, 1960 (8 & 9 Eliz. 2, c. 44), ss. 28, 43 (4).