LORD HOWARD DE WALDEN v BECK (H.M. INSPECTOR OF TAXES)BECK (H.M. INSPECTOR OF TAXES) v LORD HOWARD DE WALDEN (1938-1941) 23 TC 384
NO. 1148–HIGH COURT OF JUSTICE (KING’s BENCH DIVISION)–
2ND, 5TH, 6TH AND 15TH FEBRUARY, 1940
Income Tax, Schedule D – Foreign possessions – Series of non-interest-bearing promissory notes received by resident from Canadian company for valuable consideration – Face value of notes in excess of consideration – Whether the notes included element of interest – Method of computing amount of interest element – Income Tax Act, 1918 (8 & 9 Geo. V, c. 40), Schedule D, Case V, Rule 2.