2004 Scottish Provident Institution v Inland Revenue Commissioners [2004] UKHL TC_76_538 (25 November 2004)

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URL: http://www.bailii.org/uk/cases/UKHL/2004/TC_76_538.html
Cite as: [2004] WLR 3172, [2004] STI 2433, [2004] UKHL TC_76_538, [2005] STC 15, 2005 1 SC (HL) 33, 7 ITL Rep 403, [2004] BTC 426, [2005] 1 All ER 325, [2004] UKHL 52, [2004] 1 WLR 3172, 76 TC 538

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Scottish Provident Institution v Inland Revenue Commissioners [2004] UKHL TC_76_538 (25 November 2004)

Corporation tax - Cross options in respect of gilts - Collateral amount - Ramsay principle - Whether options self-cancelling - Whether single composite transaction with no commercial purpose other than tax avoidance - Whether commercially irrelevant contingency prevented finding of single composite transaction - Whether appropriate to compute profit and loss in respect of each option on a mark to market basis - Whether each option a qualifying contract - Whether appropriate to attach a nil value to each option on morning of 1 April 1996 - Whether appropriate to exclude collateral amount from computation - Debt contracts - Interpretation of deeming provisions - Finance Act 1994, ss 147A, 150A, 154, 155, 156 and 177(2), Finance Act 1996, Sch 15, para 25.

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URL: http://www.bailii.org/uk/cases/UKHL/2004/TC_76_538.html