Landmark case victory will benefit pension providers - papers 30 August

A company pension fund has won a landmark case against the Inland Revenue that could help prevent the government clawing back £200m of tax from other funds, reports the FT. Tax experts said the decision by the Inland Revenue Special Commissioners, which adjudicate disputes over tax, could protect more than 100 funds from claims by the government. The decision, which was published this month, relates to two buybacks of shares in 1996 by Powergen, the utility company, from the pension fund of the software group Omega. Companies typically buy back shares as a way of returning spare...