The Weekly Law Reports
[1966] 1 WLR 462
[CHANCERY DIVISION]
JOHNS
v.
WIRSAL SECURITIES LTD.
WIRSAL SECURITIES LTD.
v.
JOHNS
1965 Nov. 25,
26
PENNYCUICK J.
Revenue
— Income Tax
— Profits of trade
— Dividend stripping
— Dealer in stocks and shares
— Forward dividend stripping transactions, whether real trading
— Company distributing total distributable profits
— Dividend expressed to be payable “net”
— Whether shareholder to be deemed to receive gross sum greater than gross profit
—
Income Tax Act, 1952 (15 & 16 Geo. 6 & 1 Eliz. 2, c. 10), ss. 184 (1) (2), 185 (1), 186 (1), 199, 341.[1]