Privy Council.

Lord Browne-Wilkinson, Lord Lloyd of Berwick, Lord Nicholls of Birkenhead, Lord Steyn and Lord Hoffmann.

Judgment delivered 27 January 1997.

Income tax – Interest payments – Development company borrowed money for development of a site – Whether interest payments were on capital or revenue account – Inland Revenue Ordinance (Hong Kong), s. 16(1), 17(1)(c).

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