Lord Phillimore discussed the possible taxation of dividends in the hands of shareholders: ‘Their taxation would seem to be logical, but it would be destructive of joint stock company enterprise. . . The reason for their [scil, the shareholders’] discharge may be the avoidance of double taxation, or to speak accurately, the avoidance of increased taxation.’
Citations:
[1923] AC 744
Jurisdiction:
England and Wales
Income Tax
Updated: 04 May 2022; Ref: scu.573167