No. 535.–HIGH COURT OF JUSTICE (KING’S BENCH DIVISION).–

5TH MARCH, 1925.

COURT OF APPEAL.–

29TH AND 30TH JUNE, 1925.

Income Tax, Schedule D – Profits of trade – Cotton futures.

  Independently of those dealings in future delivery contracts which ordinarily form part of the business of cotton brokers in connexion with the buying and selling of actual cotton, two partners in a firm of cotton brokers undertook on their own account, over a period of years, a series of speculations by way of buying and selling cotton futures, not with a view to receiving or delivering cotton, but with a view to gaining a profit on the balance.

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.