Chancery Division.

Knox J.

Judgment delivered 24 July 1989.

Income tax – Discontinuance of trade – Profits in penultimate and antepenultimate years before discontinuance exceeded profits on which tax had been charged on preceding year basis – Additional assessments raised on taxpayers – Whether inspector had a duty or a discretion to raise additional assessments – Whether ‘he may be charged’ meant ‘he shall be charged’ – Income and Corporation Taxes Act 1970, sec. 118(1)(b) (now sec. 63(1)(b) of the 1988 Act).

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