Martin v Lowry (HM Inspector of Taxes): HL 7 Dec 1926
The taxpayer had purchased the entire war-surplus of aircraft cloth, expecting to sell it in one go at a profit. When the sale fell through, he sold it off, at a considerable profit, in a large number of smaller transactions. He argued that he was not acting in the cours eof trade, and second that … Continue reading Martin v Lowry (HM Inspector of Taxes): HL 7 Dec 1926