Mr Wisdom, a famous comic actor, bought silver bullion, fearing the devaluation of the pound. He sold it at considerable profit. The commissioners found that that this was trading for profit.
Held: The Inspector’s appeal succeeded. The bullion was bought against security taken on his property, and with the sole intention of making a profit on re-sale.
Judges:
Goff J, Cairns J
Citations:
[1968] 2 All ER 714, [1968] 1 WLR 1230
Jurisdiction:
England and Wales
Cited by:
Appeal From – Wisdom v Chamberlain (Inspector of Taxes) CA 8-Nov-1968
The taxpayer, a comic actor, bought silver bullion hoping it would act as a hedge against a possible deflation of the pound. The revenue sought to tax his profits on sale under Schedule D. He argued that the money, being from one transaction, did . .
Lists of cited by and citing cases may be incomplete.
Income Tax
Updated: 13 July 2022; Ref: scu.235904