Chancery Division.

Judgment delivered 9 June 1983.

Corporation tax – Close company – Misappropriation of funds by director – Whether company paid sums to director – Whether company liable to tax on that part of profits – Finance Act 1965, sec. 75 (see now Income and Corporation Taxes Act 1970, sec. 286).

  This concerned an appeal by the Crown and a cross-appeal by the taxpayer from a decision of the Special Commissioners that a company was not liable to corporation tax on that part of its profits taken wrongfully from it by a director (‘P’).

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