Chancery Division.

Judgment delivered 21 April 1986.

Capital duty – Acquisition of newly created shares in consideration of the assumption of liabilities – Whether Form PUC 3 relating to the transaction was exempt from capital duty – Finance Act 1973, sec. 47, Sch. 19, para. 10(1), (2).

  This was an appeal by the taxpayer company under sec. 13 of the Stamp Act 1891 against an assessment by the Inland Revenue Commissioners to capital duty on the return of an allotment of shares in the company.

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