Lawson (HM Inspector of Taxes) v Johnson Matthey plc.  BTC 324
House of Lords.
Lord Keith of Kinkel, Lord Emslie, Lord Templeman, Lord Goff of Chieveley and Lord Jauncey of Tullichettle.
Judgment delivered 14 May 1992.
Corporation tax – Capital or income payment – Payment of £50m to insolvent banking subsidiary by parent company as condition of purchase of subsidiary by Bank of England – Reason for payment stated to be to preserve parent company’s own trade – Whether capital or income payment – Whether £50m deductible in computing parent company’s profits.