Chancery Division.

[The appeal against this decision is reported at [1993] BTC 310.]

Harman J.

Judgment delivered 29 January 1993.

Income tax – Schedule D deductions – Finance leasing – Front-loaded 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 – Income and Corporation Taxes Act 1988, sec. 381.

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.