Lloyd's Law Reports

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

Document

AVIATION & SHIPPING COMPANY, LTD. v. MURRAY (H.M. INSPECTOR OF TAXES)

[1961] 1 Lloyd's Rep. 513

COURT OF APPEAL

Before Lord Justice Holroyd Pearce, Lord Justice Upjohn and Lord Justice Donovan

Revenue - Income tax - Discontinuance of trade-Succession to trade and assets (two vessels) of wholly-owned subsidiary company by parent company - Sale of vessels by parent company and replacement vessels purchased-Whether on the sale of vessels formerly owned by subsidiary there was a permanent discontinuance of subsidiary's trade - Finance Act, 1954, Sect. 17.

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