Expenditure by a property company on the issue of new debenture stock was not ‘expenses of management’ because raising capital was not part of the business of acquiring and managing property.
Citations:
(1942) 24 TC 412
Cited by:
Cited – Atkinson (HM Inspector of Taxes) v Camas Plc CA 6-May-2004
An investment company made an abortive attempt to take over another. It sought to set off against its Corporation Tax, the costs of the professional advice incurred.
Held: The expenses were deductible. . .
Lists of cited by and citing cases may be incomplete.
Income Tax
Updated: 30 April 2022; Ref: scu.198424
