The income of a trust estate for a certain year included a sum of pounds 72,231 untaxed interest on certain Government securities. Held ( aff. the judgment of the Second Division) that in computing their income for the purpose of assessment under Schedule D of the Income Tax Act 1918 the trustees were not entitled to deduct from the said sum of pounds 72,231 a sum of pounds 21,847 which they had paid during the year as interest on estate duty.
Judges:
Viscount Cave, Viscount Finlay, Lord Dunedin, Lord Shaw, and Lord Sumner
Citations:
[1924] UKHL 477, 61 SLR 477
Links:
Jurisdiction:
England and Wales
Income Tax
Updated: 30 May 2022; Ref: scu.631555
