Her Majesty's Commissioners of Inland Revenue (Appellants) v. Scottish Provident Institution (Respondents) (Scotland) (HTML version), (2004)
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Her Majesty's Commissioners of Inland Revenue (Appellants) v. Scottish Provident Institution (Respondents) (Scotland) (HTML version), (2004)
HOUSE OF LORDS
SESSION 2004-054th REPORT([2004] UKHL 52)APPELLATE COMMITTEEHer Majesty's Commissioners of Inland Revenue (Appellants)v.Scottish Provident Institution (Respondents) (Scotland)REPORTOrdered to be printed 25 November 2004LONDON(HL Paper 5)4th REPORTfrom the Appellate Committee25 NOVEMBER 2004Her Majesty's Commissioners of Inland Revenue (Appellants)v.Scottish Provident Institution (Respondents) (Scotland)ORDERED TO REPORTThe Committee (Lord Nicholls of Birkenhead, Lord Steyn, Lord Hoffmann, Lord Hope of Craighead and Lord Walker of Gestingthorpe) have met and considered the cause Her Majesty's Commissioners of Inland Revenue (Appellants) v. Scottish Provident Institution (Respondents) (Scotland). We have heard counsel on behalf of the appellants and respondents.1. The following is the opinion of the Committee to which all its members have contributed.2. This appeal concerns an artificial scheme devised in 1995 to take advantage of a prospective change in the system of taxing gains on options to buy or sell bonds and government securities ("gilts"). Under the legislation then in force, the Scottish Provident Institution ("SPI"), as a mutual life office, was not liable to corporation tax on any gain realised on the grant or disposal of such an option. Under the system proposed in an Inland Revenue consultation document published in May 1995, all returns on such options would be treated as income and losses made on disposals would be allowable as income losses.The scheme in ou...See the full content of this document
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