Page (H.M. Inspector of Taxes) v Lowther. 1983 BTC 394
Court of Appeal.
Judgment delivered 21 October 1983.
Income tax – Artificial transactions in land – Grant of lease to developer – Premium for lease related to payments received for underleases – Whether tax avoidance provisions apply – Whether gain obtained from the disposal of land – Whether an arrangement or scheme – Income and Corporation Taxes Act 1970, sec. 488(1), (2).
This was an appeal by the taxpayer against a decision of Warner J. in the Chancery Division, to the effect that income tax rather than capital gains tax was payable in respect of premiums received from developed land.