Bradshaw v Blunden (H.M. Inspector of Taxes) (1953-1956) 36 TC 397
HIGH COURT OF JUSTICE (CHANCERY DIVISION)–
22ND AND 23RD FEBRUARY, AND 21ST AND 22ND MARCH, 1956
Income Tax, Schedule D – Profits of Trade – Builder – Discontinuance – Sale of houses.
The Appellant, a builder, formed a company in December, 1945, with the primary object of taking over his business. The company did not acquire houses belonging to the Appellant which were then unsold. Certain of these properties were subsequently sold, and assessments to Income Tax were made on the Appellant on the footing that these houses were trading stock and that his business had not been discontinued.