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Manufacturers Life Assurance Company v Cummins (Inspector of Taxes): ChD 22 Nov 2000

The tax exemption attracted to interest on some government securities in favour of foreign residents was lost by a foreign resident company when it carried on a long term life assurance business here on a mutual basis through an office here. The interest was taxable under Schedule C. The business profits restriction in the Act was the income minus expenditure basis. The business described was a trade.

Citations:

Times 22-Nov-2000

Statutes:

Finance Act 1940 60

Jurisdiction:

England and Wales

Corporation Tax

Updated: 04 June 2022; Ref: scu.83390

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