The Law Reports (Chancery Division)
[1994] Ch 107
[COURT OF APPEAL]
GALLAGHER v. JONES (INSPECTOR OF TAXES)
THRELFALL v. JONES (INSPECTOR OF TAXES)
1993 May 17,
18;
June 30
June 30
Sir Thomas Bingham M.R., Nolan L.J. and Sir Christopher Slade
Revenue
— Income tax
— Schedule D, Case I
— Taxpayer leasing boats for use in business
— Leasing agreement requiring substantial initial payment followed by monthly rental payments
— Whether whole expenditure deductible for period in which incurred notwithstanding securing of future benefit
— Whether ordinary principles of commercial accounting applicable