House of Lords.

Speeches delivered 8 July 1982.

Corporation tax – Apportionment of income of close company among its participators – Whether a shortfall in company’s distributions – Whether income distributable without prejudice to company’s business – Diversification of business activities – Whether retention for contemplated new business acceptable – Finance Act 1972 – sec. 94; Sch. 16, para. 8(1)(a) and 12(1).

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