Ayerst v C & K (Construction) Ltd

Subject Matter

COMPANY — Winding up — Company's assets — Compulsory order — Whether company retains beneficial ownership of assets — Companies Act 1948, s 243

[1976] AC 167; [1975] 3 WLR 16; [1975] 2 All ER 537; 50 TC 651, HL(E)

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, s 243 — Finance Act 1954, s 17 (1) (4) (b) (c) (5) (6) (a) (b)

[1975] 1 WLR 191; [1974] 1 All ER 676, Ch D

[1975] 1 WLR 191; [1975] 1 All ER 162, CA

[1976] AC 167; [1975] 3 WLR 16; [1975] 2 All ER 537; 50 TC 651, HL(E)

Appellate History