The appellant, who resided in England and was a shareholder in an American corporation, claimed in respect of his income therefrom to be assessed upon the dividends received during the last financial year and not upon the average dividends of the preceding three years. Held that such income was derived from foreign possessions-case 5 of Schedule D of the Income Tax Act 1842-not from foreign securities-case 4-and that the duty therefore fell to be computed on a three years’ average.
Judges:
Lords Cave, Atkinson, Shaw, Wrenbury, and Phillimore
Citations:
[1920] UKHL TC – 7 – 419, [1920] UKHL 386, 59 SLR 386, [1921] 1 AC 41, 7 TC 419
Links:
Jurisdiction:
England and Wales
Income Tax
Updated: 20 November 2022; Ref: scu.631530