A microscopic theory of spin-flip Raman scattering from conduction electrons in semiconductors has been set out both in terms of appropriate general scattering theory and of detailed calculation of the electron band states of a solid in a magnetic field. From the latter, matrix elements determining the scattering cross-section have been evaluated as a function of frequency and magnetic field for the various ‘anharmonic’ processes involved in indium antimonide. New experimental results on magnetic field dependence of gain and loss, of direct relevance to comparison with microscopic theory, are presented and discussed. These results, together with earlier work, confirm the basic theoretical model and clearly demonstrate the potential of this continuously tunable infrared laser.