Analysis of the ‘commercial purpose’ of a transaction and the nature of a ‘single composite transaction’ was made in the cases of Shepherd (HMIT); Lyntress Ltd; News International plc v Shepherd (HMIT) [1989] BTC 346. The High Court held that the avoidance of pre-emption rights was a commercial purpose and that the general intention to effect the second and subsequent transactions was not sufficient to combine them with the initial transaction so as to make a single composite transaction, the events between them being an important and possibly a decisive factor.

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.