Wilcock (H.M. Inspector of Taxes) v Frigate Investments Limited.  BTC 49
Judgment delivered 11 November 1981.
Corporation tax – Deduction of bank interest – Property dealing company – Loan obtained to purchase property for dealing – Property rented in the meantime – Whether interest to be deducted from dealing profits under Case I of Sch. D or from total profits – Carry forward of losses from dealing activities – Income and Corporation Taxes Act 1970 – sec. 248; 250; 251; Sch. A and Sch. D, Case I.
This was an appeal by the Crown against the decision of the General Commissioners.