Statutory provisions which bring profits and gains into charge to tax are to be construed as directed towards profits and gains in their natural and proper sense – in a sense which no commercial man would misunderstand – and that those words are equally applicable whatever the commercial concern may be.
Judges:
Lord Halsbury LC
Citations:
[1892] AC 309
Jurisdiction:
England and Wales
Cited by:
Cited – Scottish Widows Plc v Revenue and Customs SC 6-Jul-2011
The taxpayer insurance company had transferred sums from accounts designated as Capital Reserves. The Revenue said that these were properly part of the profit and loss accounts for the respective tax years, and chargeable receipts.
Held: The . .
Lists of cited by and citing cases may be incomplete.
Income Tax
Updated: 23 November 2022; Ref: scu.441623