Chancery Division.

Sir John Vinelott.

Judgment delivered 30 October 1996.

Corporation tax – Transactions in securities – Tax advantage – Purchase by company of its own shares from exempt pension scheme – Whether price received by pension scheme an ‘abnormal amount by way of dividend’ – Whether exempt pension scheme capable of securing a ‘tax advantage’ – Whether bona fide commercial transaction or in ordinary course of managing investments – Whether notice to counteract tax advantage valid – Income and Corporation Taxes Act 1988, s. 703(1)(3), 704, circumstance A, 709(1).

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