Clark (HM Inspector of Taxes) v British Telecom Pension Scheme Trustees & Ors.  BTC 64
Court of Appeal (Civil Division).
Dame Elizabeth Butler-Sloss P, Robert Walker and May LJJ.
Judgment delivered 24 February 2000.
Income tax – Exemption – Approved pension schemes – Sub-underwriting of share issues – Whether sub-underwriting was taxable under Sch. D, Case I as a trade and not under Sch. D, Case VI – Whether exemption applied – Income and Corporation Taxes Act 1988, s. 592(3).