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 achieving a particular
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