HIGH COURT OF JUSTICE (CHANCERY DIVISION)–

22ND AND 23RD MAY, 1962

Income Tax, Schedule D – Deduction – Expense – Loss sustained by solicitor as a result of guaranteeing client’s bank overdraft – Income Tax Act, 1952 (15 & 16 Geo. VI & 1 Eliz. II, c. 10), Section 137 (a), (e) and (f).

  The Respondents, a firm of solicitors, guaranteed a bank overdraft for a client who required it to complete the acquisition of a showroom, to pay a deposit on a house and to provide funds for carrying on his business. The client was subsequently adjudged a bankrupt and the Respondents were called upon to pay a sum of £412 under the guarantee.

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.