The Law Reports (Appeal Cases)
[1997] AC 505
[PRIVY COUNCIL]
WHARF PROPERTIES LTD.
Appellant and
COMMISSIONER OF INLAND REVENUE
Respondent
[APPEAL FROM THE COURT OF APPEAL OF HONG KONG]
1996 Dec. 9,
10;
1997 Jan. 27
1997 Jan. 27
Lord Browne-Wilkinson, Lord Lloyd of Berwick, Lord Nicholls of Birkenhead, Lord Steyn and Lord Hoffmann
Hong Kong
— Revenue
— Profits tax
— Deduction of expenses
— Taxpayer borrowing money to purchase tram depot for redevelopment
— Whether interest on loans “expenditure of a capital nature”
— Whether deductible in ascertaining taxpayer's chargeable profits
—
Inland Revenue Ordinance (Laws of Hong Kong, 1995 rev., c. 112), ss. 16(1)(a), 17(1)(c)