Blackburn (H.M. Inspector of Taxes) v Close Bros., Ltd.Commissioners of Inland Revenue v Close Bros., Ltd. (1958-1961) 39 TC 164
HIGH COURT OF JUSTICE (CHANCERY DIVISION) –
27TH AND 31ST MAY, AND 2ND JUNE, 1960
Income Tax, Schedule D and Profits Tax – Company providing services for another – Compensation received for termination of agreement – Whether trading receipt.
The Respondent Company carried on the business of merchant bankers and of a finance and issuing house and derived income in the form of allowances and fees in return for managerial and secretarial services rendered to other companies.