Willingale and International Commercial Bank LTD

[1978] AC 834

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Willingale (Inspector of Taxes)
and International Commercial Bank LTD

Court:

Judges: Lord Diplock
Lord Salmon
Lord Fraser of Tullybelton
Lord Russell of Killowen
Lord Keith of Kinkel

Subject References:
Revenue
Corporation tax
Computation of profits
Anticipated profits from bills and promissory notes discounted or purchased by bank
Whether tax payable on fractional part of anticipated profits from bills

Legislative References:
Income and Corporation Taxes Act 1970 - Section 108

Case References:
BSC Footwear Ltd v Ridgway - [1972] AC 544; [1971] 2 WLR 1313; [1971] 2 All ER 534
Duple Motor Bodies Ltd v Inland Revenue Commissioners - [1961] 1 WLR 739; [1961] 2 All ER 167
Gardner, Mountain and D'Ambrumenil Ltd v Inland Revenue Commissioners - (1947) 177 LT 16; [1947] 1 All ER 650; 29TC69
Harrison v John Cronk and Sons Ltd - [1937] AC 185; [1936] 3 All ER 747
Newcastle Breweries Ltd v Inland Revenue Commissioners - (1927) 96 LJKB 735; 12 TC 927
Southern Railway of Peru Ltd v Owen - [1957] AC 334; [1956] 3 WLR 389; [1956] 2 All ER 728
Sun Insurance Office v Clark - [1912] AC 443
Bennett v Ogston - (1930) 15 TC 374
Dailuaine-Talisker Distilleries Ltd v Inland Revenue Commissioners - [1930] SC 878; 15 TC 613
Dimbula Valley (Ceylon) Tea Co Ltd v Laurie - [1961] Ch 353; [1961] 2 WLR 253; [1961] 1 All ER 769
Odeon Associated Theatres Ltd v Jones - [1971] 1 WLR 442; [1971] 2 All ER 407; [1973] Ch 288; [1972] 2 WLR 331; [1972] 1 All ER 681
Pearce v Woodall Duckham Ltd - [1977] 1 WLR 224; [1977] 1 All ER 753
Seaham Harbour Dock Co v Crook - (1930) 16 TC 333
Whitworth Park Coal Co Ltd v Inland Revenue Commissioners - [1961] AC 31; [1959] 3 WLR 842; [1959] 3 All ER 703

Hearing date: December 7 - 8 1977; February 2 1978
Judgment date: 2 February 1978

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Appeal dismissed