LYONS v COWCHER (H.M. INSPECTOR OF TAXES).(1) (1924-26) 10 TC 438
NO. 557.–HIGH COURT OF JUSTICE (KING’S BENCH DIVISION).–
26TH FEBRUARY, 1926.
Income Tax, Schedule D, Case VI – ‘Annual profits or gains’ – Casual profit – Underwriting commission.
In October, 1919, the Appellant, who was a company director, received commission from a syndicate for underwriting certain shares in a new company which it was engaged in floating, and he was assessed to Income Tax under Schedule D for the year 1919-20 in respect of the commission. He was not concerned in any other underwriting transaction in the years 1919, 1920 and 1921.