HIGH COURT OF JUSTICE (CHANCERY DIVISION)–

14, 17 AND 19 MARCH AND 9 MAY 1975

Corporation tax – Schedule D, Case III – Yearly interest of money – Payment by bank to developer to finance land development – Payment not by way of loan – Provision for ‘interest’ – Whether payable under deduction of income tax – Meaning of ‘interest’ – Income and Corporation Taxes Act 1970 (c. 10), ss. 54(1) and 109(2).

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