“…The judge described the principle established by Lupton (Inspector of Taxes) v FA & AB Ltd [1972] AC 634 and the possibility of denaturing a transaction through fiscal motives, and what occurred in Barclays Mercantile which had recently been reversed by the Court …”
“… character of the transaction is no longer that of a trading transaction”, to quote from the speech of Lord Morris in FA & AB Ltd v Lupton (Inspector of Taxes) [1972] AC 634 at 647; see too the judgment of this court in Ingenious Games LLP v Revenue & Customs Commissioners [2021] EWCA Civ 1180, [2021] STC 1791, at [98]. Indeed, the…”