swarb.co.uk - law index
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Financial Services - From: 1930 To: 1959
This page lists 1 cases, and was prepared on 20 May 2019.
Simpson (HM Inspector of Taxes) v The Grange Trust, Ltd (1935) 19 TC 231; [1935] UKHL TC - 19 - 231
15 Mar 1935
HL
Wright L
Corporation Tax, Financial Services
Income Tax - Investment trust company not assessable under Case I of Schedule D - Claim for relief in respect of expenses of management - Income Tax Act, 1918 s 8
Wright L said: "An ordinary trading company assessed on the balance of its profits and gains for the year under Schedule D, Case I, is entitled, in order to arrive at the balance, to an allowance for outlays incurred for the purpose of earnings its profits: the companies or concerns enumerated in the section whose income is in the main taxed by deduction, would be placed at a disadvantage if no allowance was made to them for management expenses."
Income Tax Act 1918 33(1)
1 Citers
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