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.

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