The Weekly Law Reports
[1988] 3 WLR 423
[HOUSE OF LORDS]
CRAVEN (INSPECTOR OF TAXES) APPELLANT AND WHITE (STEPHEN) RESPONDENT
SAME RESPONDENT AND WHITE (BRIAN) RESPONDENT
INLAND REVENUE COMMISSIONERS APPELLANTS AND BOWATER PROPERTY DEVELOPMENTS LTD. RESPONDENT
BAYLIS (INSPECTOR OF TAXES) APPELLANT AND GREGORY RESPONDENT
[CONJOINED APPEALS]
1988 May 16,
17,
18,
19,
23,
24,
25;
July 21
July 21
Lord Keith of Kinkel, Lord Templeman, Lord Oliver of Aylmerton, Lord Goff of Chieveley and Lord Jauncey of Tullichettle
Revenue
— Capital gains tax
— Tax avoidance
— Negotiations for sale or merger of company
— Taxpayers acquiring shares in non-resident company in exchange for shareholding
— Negotiations concluding with sale of company
— Whether transactions single composite transaction
— Whether “disposal” by taxpayers of shares direct to ultimate purchasers
— Whether relieving provisions for “company amalgamations” applicable to defer liability
—
Finance Act 1965 (c. 25), s. 19(1), Sch. 7, paras. 4(2), 6(1)
Revenue
— Development land tax
— Disposal of land
— Fragmentation of ownership of land prior to sale
— Sale postponed
— Whether eventual sale part of same transaction
—
Development Land Tax Act 1976 (c. 24), s. 1