I2.201 Introduction

Division I2.2     Form and substance of transactions

Revised by

formerly one of Her Majesty's Inspectors of Taxes

For updates affecting this Division please see Part I0 Updates

Form and substance of transactions

I2.201 Introduction

When a transaction is under scrutiny one issue is the extent to which a court is entitled to disregard the legal form of the transaction and to have regard to the underlying substance.

The problem is well put in the following extract from a judgment of Lord Greene:

'In dealing with income tax questions it frequently happens that there are two methods at least of

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