Savva and others v Revenue and Customs Commissioners

Income tax – Discounts. The Upper Tribunal (Tax and Chancery Chamber) affirmed in part a decision of the First-tier Tribunal (Tax Chamber) which had upheld the decision by the Revenue and Customs Commissioners to amend the taxpayers' self-assessment tax returns on the basis that the profits made by the taxpayers on fixed rate notes stripped of interest coupons amounted to a discount of an income nature.

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