The Weekly Law Reports
[1975] 3 WLR 16
[HOUSE OF LORDS]
AYERST (INSPECTOR OF TAXES) RESPONDENT AND C. & K. (CONSTRUCTION) LTD. APPELLANTS
1975 April 14,
15,
17;
May 21
May 21
Lord Diplock, Viscount Dilhorne, Lord Kilbrandon and Lord Edmund-Davies
Revenue
— Income tax
— Discontinuance of trade
— Compulsory liquidation of company
— Business of liquidated company sold to subsidiary company
— Nature of ownership of shares of subsidiary company held by liquidated company
— “Beneficial ownership”
— Whether discontinuance of trade
— Whether subsidiary company entitled to income tax relief for losses of liquidated company
—
Companies Act 1948 (11 & 12 Geo. 6, c. 38), s. 243
—
Finance Act 1954 (2 & 3 Eliz. 2, c. 44), s. 17 (1) (4) (b) (c) (5) (6) (a) (b)
Company
— Winding up
— Company's assets
— Compulsory order
— Whether company retains beneficial ownership of assets
—
Companies Act 1948
s. 243