NO. 77.–HIGH COURT OF JUSTICE (QUEEN’S BENCH DIVISION).–

March 14, 1884.

Income Tax. – Insurance Company. An insurance company having one body of shareholders carries on the business of fire, marine, and life insurance. The funds and accounts of the several branches of the business are kept separate, but the results of the whole business are thrown into one Profit and Loss Account, and the dividends are declared out of the balance of that account.

  

  Held, (1.) That for Income Tax purposes, the three branches must be treated as one business.

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.