Bolton (H.M. Inspector of Taxes) v Halpern & Woolf(1) (1975-1981) 53 TC 445
HIGH COURT OF JUSTICE (CHANCERY DIVISION)–
27 JUNE AND 13 JULY 1979
COURT OF APPEAL–
13 AND 29 OCTOBER 1980
Income tax, Schedule D–Partnership profits–Payment under a guarantee given by a former partner–Whether deductible in computing profits when firm entitled to be indemnified by him–Whether a withdrawal of capital or sum paid for a capital asset–Income and Corporation Taxes Act 1970, ss 108(1) and 130(f) and (k).