NO. 514.–HIGH COURT OF JUSTICE (KING’S BENCH DIVISION).–

10TH AND 11TH MARCH, 1925.

Income Tax, Schedule D – Betting profits – Vocation – Profits or gains.

  Apart from certain bank deposit interest, an individual’s sole means of livelihood was, and had been for many years, betting on horses from his private residence with bookmakers at starting prices only.

  He was assessed to Income Tax under Schedule D in respect of his betting transactions, and the General Commissioners, on appeal, confirmed the assessment.

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