Income Tax – Profits. Corporation. A harbour board is empowered by Act of Parliament to levy dock dues, Sfc., to be applied in maintaining the concern, and in paying interest on moneys borrowed; any surplus income remaining after meeting these charges is directed to be applied in forming a sinking fund to extinguish the debt incurred in the construction of the docks. Held, that the surplus is profit assessable to the income tax.
[1883] UKHL TC – 2 – 25
Bailii
England and Wales
Updated: 26 October 2021; Ref: scu.636763