House of Lords.

Judgments delivered 21 March 1985.

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 it carried on – Whether the tax inspector was prevented from making further assessments because of an agreement made with the taxpayer – Income Tax Act 1952, sec. 345, sec. 510 (now Income and Corporation Taxes Act 1970, sec. 173; Taxes Management Act 1970, sec. 54).