NO. 1134–HIGH COURT OF JUSTICE (KING’S BENCH DIVISION)–

23RD APRIL, 1940

Income Tax – Annuities payable under will – Paid partly out of loans which were repaid by sale of trust capital – Whether Income Tax chargeable on sums paid to annuitants otherwise than out of income of trust – Income Tax Act, 1918 (8 & 9 Geo. V, c. 40), Rule 21, General Rules applicable to All Schedules; Finance Act, 1927 (17 & 18 Geo. V, c. 10), Section 26.

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