House of Lords.

Lord Keith of Kinkel, Lord Templeman, Lord Goff of Chieveley, Lord Browne-Wilkinson and Lord Mustill.

Judgment delivered 11 February 1993.

Income tax – Annuity – Deductions in computing total income – Tax avoidance scheme – Covenant by taxpayers to make five annual payments to charity in consideration for capital sum – Capital sum used by taxpayers as security for covenanted payments – Whether payments to be treated as annuity payments or other annual payment deductible from total income – Income and Corporation Taxes Act 1970, sec. 52(1) (replaced by sec. 348(1) of the 1988 Act).

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