Court of Appeal.

[The appeal against this decision is reported at [1989] BTC 233.]

Judgment delivered 28 July 1988.

Corporation tax – Losses – Exchange losses on repayment of foreign loans – Loans for five-year term – Whether loans on capital or revenue account – Whether losses deductible in computing corporation tax liability – Income and Corporation Taxes Act 1970, sec. 130(f) (now Income and Corporation Taxes Act 1988, sec. 74(f)).

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