Lord Herschell said: ‘The profit of a trade or business is the surplus by which the receipts from the trade or business exceed the expenditure necessary for the purpose of earning those receipts.’
Judges:
Lord Herschell
Citations:
(1888) 13 App Cas 418
Jurisdiction:
England and Wales
Cited by:
Cited – Geoffrey Chatwin v Janice Lowther CA 21-May-2003
The case concerned the meaning of the phrase ‘compensation for earnings lost’ as it applied to self employed persons.
Held: The fact that a person’s accounts described fees as turnover, did not prevent them being still earnings within the Act. . .
Lists of cited by and citing cases may be incomplete.
Income Tax
Updated: 06 May 2022; Ref: scu.185766
