HC Deb 09 April 1962 vol 657 c984

I propose to include within Case VI of Schedule D certain transactions in land and property which are cloaked in a form that escapes liability under the present law—for example, the dealer in property who, alone or with associates, escapes tax liability in the following way. He forms a chain of companies with suitably framed articles, through each of which he puts one transaction so as to avoid the implication that he is trading. If, regarding all the activities of these companies as though they were the activities of one person, they amounted to the carrying on of a trade, a gain on a particular sale by one of the companies would be taxable. I propose to make this the law.

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