HIGH COURT OF JUSTICE (CHANCERY DIVISION)–

3RD AND 4TH JULY, 1958

Income Tax, Schedule D – Builder – Sale of houses – Whether profits assessable.

  The Appellant, taking advantage of facilities available under the Housing (Financial Provisions) Act, 1933, built between the years 1933 and 1941 2,208 houses to let as an investment. During the same period he also built 287 other properties with the intention of selling when a favourable opportunity arose: most of them, however, were still let in 1946. In 1942 he sold his remaining building plant and machinery and had built no houses since.

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

No subscription?

Contact us to discuss your requirements.