Chancery Division.

[The appeal against this decision is reported at [1991] BTC 232.]

Hoffmann J.

Judgment delivered 4 May 1990.

Income Tax and surtax – Annuity – Deductions in computing total income – Tax avoidance scheme – Covenant by taxpayers to make five annual payments to charity in consideration of capital sum – Capital sum used by taxpayers as security for covenanted payments – Whether payments annuities or other annual payments deductible from total income – Income and Corporation Taxes Act 1970, sec. 52 (now Income and Corporation Taxes Act 1988, sec. 348).

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