Norman (H.M. Inspector of Taxes) v Evans(1) (1963-1966) 42 TC 188
HIGH COURT OF JUSTICE (CHANCERY DIVISION)–
24TH AND 25TH NOVEMBER, 1964
Income Tax, Schedule D – Sums received under leasing arrangements for racehorses – Whether chargeable to tax under Case VI of Schedule D.
In 1957 and 1958 the Respondent, a farmer and racehorse breeder, leased three of his horses to other persons to be raced by them. The lessee undertook in the lease to pay all racing expenses and to give the Respondent half the prize money received.