INCOME TAX – interest earned by solicitors on short-term funds in clients’ account – fee agreements with clients reflecting the solicitors’ right to retain the interest – whether interest to be taxed in accordance with s 5 or s 369 of ITTOIA – priority rules – interest properly to be regarded as trading income – appeal allowed
Citations:
[2010] UKFTT 286 (TC), [2010] STI 2536, [2010] SFTD 1074
Links:
Jurisdiction:
England and Wales
Income Tax
Updated: 17 October 2022; Ref: scu.422257