10TH JUNE 1890.

Income Tax. – Deduction from Profits. – Annuities. – The annuities paid by a Life Insurance Company in pursuance of contracts entered into as a part of its business are payable out of its profits and gains within the meaning of Rule 4 of Case I. of Schedule D., and therefore cannot be deducted in estimating the amount on which the Company is assessable under that case.



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