Mr Theodore Wallace sitting in private.

Decision released 7 December 1995.

Income tax – Profits of trade – Expenses – Legal costs incurred by stockbroker in defending allegations of infringement of Stock Exchange rules – Whether legal costs and fines deductible from profits of stockbroker’s trade – Legal costs were deductible, fines were not – Appeal allowed in part – Income and Corporation Taxes Act 1970, s. 130(a)(e) (Income and Corporation Taxes Act 1988, s. 74)

The taxpayer was represented by counsel.

The inspector appeared in person.

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.