The Law Reports (Appeal Cases)
[1963] AC 1
[HOUSE OF LORDS]
GRIFFITHS (INSPECTOR OF TAXES) APPELLANT; AND J. P. HARRISON (WATFORD) LTD. RESPONDENT.
1962 Feb. 5,
6;
Mar. 15.
Mar. 15.
VISCOUNT SIMONDS, LORD REID, LORD DENNING, LORD MORRIS OF BORTH-Y-GEST and LORD GUEST.
Revenue
— Income tax
— Profits of trade
— “Trade”
— Meaning
— Dividend-stripping
— Business of merchant till 1953–54
— Loss to carry forward
— Purchase of shares in company
— Dividend received from subsidiary
— Loss on sale of shares
— Whether trade of share-dealing carried on
—
Income Tax Act, 1952 (15 & 16 Geo. 6 & 1 Eliz. 2, c. 10), s. 341
—
Finance Act, 1953 (1 & 2 Eliz. 2, c. 34), s. 15.
Fact or Law
— Income tax
— Profits of trade
— Whether dividend-stripping a trade.