Gallagher v Jones (HM Inspector of Taxes); Threlfall v Jones (HM Inspector of Taxes).  BTC 310
Court of Appeal.
Bingham MR, Nolan LJ and Sir Christopher Slade.
Judgment delivered 30 June 1993.
Income tax – Schedule D deductions – Finance leasing – Leasing agreements for purchase of narrowboats for hire – Large initial payments under leases claimed as deduction producing large losses in first accounting period – Whether accounts should follow commercial accounting practice which would spread deductions over future years.