Lloyd's Law Reports

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

Document

MORGAN CRUCIBLE COMPANY, LTD. v. COMMISSIONERS OF INLAND REVENUE.

(1932) 42 Ll L Rep 204

KING'S BENCH DIVISION.

Before Mr Justice Rowlatt.

Revenue-Excess profits duty-Insurance policy taken out by company covering future payment of pensions to employees-Claim to deduct premium from trading profits - Discretionary payment of pensions - No privity between pensioners and insurance society - Right of company to revoke policy-Income Tax Act, 1918, Schedule D, Cases I and II, Rule 3

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