Chancery Division.

Judgment delivered 8 February 1982.

Capital duty – Increase in capital of water company – New stock issued after redemption of old stock – Redemption financed out of current cash resources – Whether exempt under sec. 41(8) of the Water Act 1945 – Water Act 1945 – sec. 41(3), (8)Finance Act 1973 – sec. 47; 48; Pt. V.; Sch. 19, para. 1(b)

  This was an appeal from the Special Commissioners’ determination upholding an assessment to capital duty levied on a statutory water undertaker.

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