Court of Appeal.

[The appeal against this decision is reported at [1988] BTC 164.]

Judgment delivered 30 January 1987.

Income tax – Surtax – Tax advantages from transactions in securities – Scheme to avoid payment of tax on sale of property – Taxpayers receiving interest free loans representing proceeds of sale of property – Whether tax advantage obtained – Whether obtained in consequence of a transaction ‘whereby’ abnormal dividend received – Whether assessment should include whole amount of loans – Income and Corporation Taxes Act 1970, sec. 460(3), 461, para. C, 466.

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