The practice of carrying expenditure on unsold stock forward to be set against the price for which the stock is ultimately sold involves the deduction of the whole of the expenses incurred during the accounting period but the crediting against those expenses of a closing figure for unsold stock and for work in progress is a notional receipt.
Judges:
Viscount Simonds
Lord Reid, Lord Tucker, Lord Hodson, Lord Guest
Citations:
[1961] UKHL 6, [1961] 1 WLR 739, [1961] 2 All ER 167, [1961] UKHL TC – 39 – 537
Links:
Jurisdiction:
England and Wales
Cited by:
Cited – Revenue and Customs v William Grant and Sons Distillers Ltd HL 28-Mar-2007
The Revenue appealed findings as to the calculation of profits for corporation tax. The companies had sought to deduct sums from profits for depreciation of unsold stock in accordance with current accounting standards.
Held: ‘the profit and . .
Lists of cited by and citing cases may be incomplete.
Corporation Tax
Updated: 09 July 2022; Ref: scu.248538
