Matrix-Securities Ltd v Inland Revenue Commissioners
Matrix-Securities Ltd v Inland Revenue Commissioners
- 1994
- All England Law Reports (1994) 1 AllER 769-793(25) .
HL 17 February 1994. M were sponsors of a scheme to develop an enterprise zone property. Under this scheme, it was proposed that a unit trust would be formed to acquire the freehold, and also purchase some property. When M applied to Inland Revenue, for further details and reassurance on the scheme, they failed to provide a full and accurate disclosure for clearance on the matter. IR Inspectors then withdrew their clearance. The issue was whether or not they were fair in their withdrawal and whether this amounted to abuse of power. Held, IR were fully justified in their course of action, since they had no other choice. Appeal dismissed.
CAPITAL ALLOWANCES ACT 1990 S 10A
CAPITAL ALLOWANCES
ENTERPRISE ZONES
INCOME TAX
MATRIX-SECURITIES LTD
TAX AVOIDANCE SCHEME
HL 17 February 1994. M were sponsors of a scheme to develop an enterprise zone property. Under this scheme, it was proposed that a unit trust would be formed to acquire the freehold, and also purchase some property. When M applied to Inland Revenue, for further details and reassurance on the scheme, they failed to provide a full and accurate disclosure for clearance on the matter. IR Inspectors then withdrew their clearance. The issue was whether or not they were fair in their withdrawal and whether this amounted to abuse of power. Held, IR were fully justified in their course of action, since they had no other choice. Appeal dismissed.
CAPITAL ALLOWANCES ACT 1990 S 10A
CAPITAL ALLOWANCES
ENTERPRISE ZONES
INCOME TAX
MATRIX-SECURITIES LTD
TAX AVOIDANCE SCHEME