Court of Appeal (Civil Division).

Nourse, Glidewell and Stocker L JJ.

Judgment delivered 31 July 1992.

Income tax – Close company – Loans by close company to participators – Taxpayers were shareholders in and directors of company – Sale of shares by taxpayers to a fellow director who by a novation assumed liability for debts owed by taxpayers to company – Whether ‘release’ of debts to be treated as taxpayers’ income giving rise to higher-rate income tax charge – Income and Corporation Taxes Act 1970, sec. 287(1) (replaced by Income and Corporation Taxes Act 1988, sec. 421(1)).

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.