Chancery Division.

[The appeal against this decision is reported at [1988] BTC 189.]

Judgment delivered 24 June 1987.

Income tax – Artificial transaction in land – Taxpayer contracted to sell property for £25,000 – Property transferred to UK company for £33,500: £25,000 paid to taxpayer and balance to Bahamian companies – Whether artificial transaction in land – Income and Corporation Taxes Act 1970, sec. 488.

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