Marson (Inspector of Taxes) v Morton
Marson (Inspector of Taxes) v Morton
- 1986
- Weekly Law Reports (1986) 1 WLR 1343-1351(9) .
ChD 31 July 1986. Appeal by Crown against previous decision by general commissioners who discharged the defendants` assessments to income tax . The defendant and his three brothers had purchased a piece of land for £65,000 on the recommendation of an estate agent friend and three months later they sold the land for £100,000 again on the recommendation of the estate agent. They were each assessed to income tax within Schedule D case 1 under Income and Corporation Taxes Act 1970 s108 , in respect of profits arising on that transaction on the basis that they had been involved in an adventure in the nature of trade: dealing in land. They successfully appealed to the commissioners who discharged the assessments.The Crown appealed, contending that this case fell within the principles of Edwards v Bairstow , (1956) AC 14, in which the court found that on the facts found by the commissioners the only true and reasonable conclusion they could reach was that it was an adventure in the nature o
LAND
SALE OF LAND
ChD 31 July 1986. Appeal by Crown against previous decision by general commissioners who discharged the defendants` assessments to income tax . The defendant and his three brothers had purchased a piece of land for £65,000 on the recommendation of an estate agent friend and three months later they sold the land for £100,000 again on the recommendation of the estate agent. They were each assessed to income tax within Schedule D case 1 under Income and Corporation Taxes Act 1970 s108 , in respect of profits arising on that transaction on the basis that they had been involved in an adventure in the nature of trade: dealing in land. They successfully appealed to the commissioners who discharged the assessments.The Crown appealed, contending that this case fell within the principles of Edwards v Bairstow , (1956) AC 14, in which the court found that on the facts found by the commissioners the only true and reasonable conclusion they could reach was that it was an adventure in the nature o
LAND
SALE OF LAND