The Weekly Law Reports
[1955] 3 WLR 671
[HOUSE OF LORDS.]
SHARKEY (INSPECTOR OF TAXES) APPELLANT; AND WERNHER RESPONDENT.
1955 July 19,
20,
21;
Nov. 7.
Nov. 7.
VISCOUNT SIMONDS, LORD PORTER, LORD OAKSEY, LORD RADCLIFFE and LORD TUCKER.
Revenue
— Income tax
— Stock in trade
— Disposal for owner's own use
— Stud farm
— Trade under Schedule D
— Racing stables
— Recreational and not taxable
— Transfer of horses from farm to stables
— Value attributable in stud farm accounts
—
Income Tax Act, 1918 (8 & 9 Geo. 5, c. 40), Sch. D, Case I.