Mr THK Everett and Mr DA Shirley sitting in private.

Decision released 24 March 1988.

Corporation tax – Surplus ACT – Whether taxpayer was permitted to surrender ACT to deadlocked company in return for payment – Purposive approach adopted – If surrender permitted, purpose of legislation to enable ACT to be surrendered only within a group would be defeated – Appeal dismissed – Income and Corporation Taxes Act 1988, s. 240(11)(a).

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