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Revenue and Customs Commissioners, [2014] BTC 5, [2014] EWCA Civ 31-- summary under Securities Lending Arrangement Summary Under Tax Topics- Income Tax Act- Section 260- Subsection 260(1)- Securities Lending Arrangement no realistic possibility of different securities being returned/arrangement requirement broader than contractual requirement A tax avoidance scheme under which the taxpayer was targeted to receive a double deduction for accrued interest on gilts transferred to him depended on the transfer not qualifying as a "stock lending transaction," which was defined as so much of any arrangements between two persons ("the borrower" and "the lender") as are arrangements under which – (a) the lender transfers securities to the borrower otherwise than by way of a sale; and (b) a requirement is imposed on the borrower to transfer those securities back to the lender otherwise than by way of sale". ...

Warrington L.J. also stated (p. 572) that the transaction: "... is carried out in the form of a sale, but it really is the promotion of a subsidiary company to do for their own benefit and for the benefit of the parent company that which the parent company might have done if they had so pleased through agents or otherwise on their own behalf. ...

., 2003 DTC 5090, 2003 FCA 33-- summary under Section 17 Summary Under Tax Topics- Statutory Interpretation- Interpretation Act- Section 17 Section 4 of the Power Commission Act (Nova Scotia) provided that the Nova Scotia Power Commission " ("NSPC") "shall continue as a body corporate and as agent of Her Majesty The Queen in right of the province" under the name of "Nova Scotia Power Corporation. ...

See summary under Treaties – Art. 27. ...

See summary under Treaties – Art. 27. ...

The partnership used cash (derived in part from a third party who had subscribed for ¾ of the equity in the partnership) to subscribe for preferred shares of a sister company of the taxpayer ("Holdings"), with Holdings in turn using the proceeds to subscribe for preferred shares of holding companies ("Holdcos") for the various indirect individual shareholders of the taxpayer. ...

The partnership used cash (derived in part from a third party who had subscribed for ¾ of the equity in the partnership) to subscribe for preferred shares of a sister company of the taxpayer ("Holdings"), with Holdings in turn using the proceeds to subscribe for preferred shares of holding companies ("Holdcos") for the various indirect individual shareholders of the taxpayer. ...

The partnership used cash (derived in part from a third party who had subscribed for ¾ of the equity in the partnership) to subscribe for preferred shares of a sister company of the taxpayer ("Holdings"), with Holdings in turn using the proceeds to subscribe for preferred shares of holding companies ("Holdcos") for the various indirect individual shareholders of the taxpayer. ...

. … The above cases are not of assistance in the cases at bar, where it is common ground that but for an express statutory provision, the foreign exchange loss would be on capital account because the borrowing was on capital account. ...

Davis stated (at p. 697): "... the section taken as a whole, which, in my opinion, is the way in which it must be interpreted, is intended to apply to persons who fall to be taxed or otherwise dealt with under the provisions of the Canadian Income Tax Act and who report to the Canadian Government the income arising from the operation of the business or businesses whose sale is the central concern of the said section 85D. ...