Chancery Division.

Judgment delivered 30 October 1985.

Corporation tax – Trading profits – Allowable deduction – Capital or revenue expenditure – Trust fund set up for benefit of employees – Voluntary annual payments into fund by employer – Whether payments of capital or revenue nature – Income and Corporation Taxes Act 1970, sec. 130.

  This was an appeal by the Crown from a decision of the Special Commissioners that payments totalling £35,000 paid by the taxpayer company were of a revenue nature and allowable as a deduction in computing the company’s trading profits for its accounting period to 31 December 1980.

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