HIGH COURT OF JUSTICE (CHANCERY DIVISION)–

8TH, 9TH, 10TH AND 22ND JULY 1968

COURT OF APPEAL–

5TH AND 6TH MAY 1969

Income tax, Schedule D – Profits tax – Deduction – Lease of trade premises surrendered – Freehold acquired by trader’s subsidiary – Lease granted to former freeholder for term shorter than that of original lease – Sublease granted to trader at rent higher than under original lease – Whether additional rent a trading expense – Income Tax Act 1952 (15 & 16 Geo. 6 & 1 Eliz. 2, c. 10), s. 137(a) and (f).

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