WAY v. UNDERDOWN (INSPECTOR OF TAXES) (NO 2)

[1974] 2 Lloyd's Rep. 345

CHANCERY DIVISION

Before Sir John Pennycuick, V.-C.

Income tax - Commissions on insurance premiums - Taxpayer agent for insurers - Taxpayer entitled to deduct amount of commission from premium paid by insured - Taxpayer reimbursed insured amount of commission - Cheque for premium less commission drawn on behalf of company and paid direct to insurers - Agent not receiving commission - Whether agent "entitled" to commission - Income Tax Act, 1952, s. 148.