Court of Session (Inner House).

Lord President Hope, Lord Mayfield and Lord MacLean.

Judgment delivered 3 June 1993.

Income tax – Distribution by company – Trust to encourage holding of company’s shares by employees – Company purchased its own shares held by trustees – Trustees entitled to tax credit – Charity sole beneficiary of trust – Loan from company repaid out of proceeds of sale leaving small balance – Whether proceeds of sale income of charity or applied for charitable purposes when received by trustees – Whether trustees entitled to repayment of tax credit – Income and Corporation Taxes Act 1988, sec. 505(1)(c).

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