Court of Appeal.

[The appeal against this decision is reported at [1985] BTC 181.]

Judgment delivered 19 December 1983.

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

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