Chancery Division.

[The appeal against this decision is reported at [1984] BTC 39.]

Judgment delivered 30 July 1982.

Corporation tax – Losses – Loss representing interest payments on loan made to finance a trade carried on by the company – Whether company can set off the loss of one trade against profits of another trade which it carries on – Whether tax inspector prevented from making further assessment because of agreement made with taxpayer – Income Tax Act 1952, sec.345, 510.

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