Income Tax – Investment trust company not assessable under Case I of Schedule D – Claim for relief in respect of expenses of management – Income Tax Act, 1918 s 8
Wright L said: ‘An ordinary trading company assessed on the balance of its profits and gains for the year under Schedule D, Case I, is entitled, in order to arrive at the balance, to an allowance for outlays incurred for the purpose of earnings its profits: the companies or concerns enumerated in the section whose income is in the main taxed by deduction, would be placed at a disadvantage if no allowance was made to them for management expenses.’
Judges:
Wright L
Citations:
(1935) 19 TC 231, [1935] UKHL TC – 19 – 231
Links:
Statutes:
Jurisdiction:
England and Wales
Cited by:
Cited – Camas Plc v HM Inspector of Taxes ChD 7-Jul-2003
An investment company sought to set against its liability to corporation tax, the various costs of taking over another company. They argued that as an investment company these were not costs of the purchase and could be set against tax.
Held: . .
Lists of cited by and citing cases may be incomplete.
Corporation Tax, Financial Services
Updated: 21 June 2022; Ref: scu.184469