MUNICIPAL MUTUAL INSURANCE, LTD. v. HILLS (INSPECTOR OF TAXES).

(1932) 42 Ll L Rep 173

HOUSE OF LORDS.

Before Lord Dunedin, Lord Warrington of Clyffe, Lord Atkin, Lord Thankerton and Lord Macmillan.

Revenue-Income tax-Mutual insurance company-Fire policy holders, in substantial control of company, alone entitled to benefit of surplus assets - Surplus arising from non-fire business done with fire policy holders-Whether "profit or gain"-Finding, as regards non-fire business, that "in no case is any redundant part of the premiums returnable to the contributors, as contributors, either in the shape of a reduction of premiums, or in cash on cessation of the policy or on winding-up"