HIGH COURT OF JUSTICE (CHANCERY DIVISION)–

5TH, 6TH AND 7TH MARCH 1968

COURT OF APPEAL–

11TH, 12TH AND 13TH NOVEMBER 1968

Income tax – Loss in trade – Losses forward – Trade assigned by company to subsidiary – Share capital of subsidiary previously sold subject to condition precedent for benefit of purchaser – Condition still outstanding – Whether beneficial ownership of capital retained by vendor – Income Tax Act 1952 (15 & 16 Geo. 6 & 1 Eliz. 2, c. 10), s. 342; Finance Act 1954 (2 & 3 Eliz. 2, c. 44), s. 17 and Sch. 3, para. 3.

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