When asking whether a payment of damages was a capital or income receipt, the court should ask whether the sum which the trader ought to have received have been credited as an income receipt of the trade?
Judges:
Diplock LJ
Citations:
[1966] 43 TC 491
Jurisdiction:
England and Wales
Cited by:
Cited – Able (UK) Ltd v Revenue and Customs CA 22-Nov-2007
The taxpayer company had received compensation for having been excluded from its business premises for a period until a compulsory purchase process failed. It treated the receipt as capital. The revenue said it was income.
Held: The court . .
Lists of cited by and citing cases may be incomplete.
Corporation Tax
Updated: 07 May 2022; Ref: scu.261558
