Court of Appeal (Civil Division).

[The appeal against this decision is reported at [1999] BTC 236.]

Nourse, Potter and Mummery L JJ.

Judgment delivered 7 May 1997.

Income Tax – Sch. D, Case 1 – Deduction of expenses – Stockbroker incurred legal costs in defending allegations of infringement of Stock Exchange regulations – Whether legal costs were deductible from profits of stockbroker’s trade – Appropriate test to be applied – Income and Corporation Taxes Act 1970, s. 130(a),(e) (Income and Corporation Taxes Act 1988, s. 74(1)(a), (e)).

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