Law:

Section:

- Section 7(5) - Finance Act, 1894 - Section 50(1) & 55(1)(2) - Finance Act, 1940 - Section 47, Schedule II, Part I - Amended By Finance Act, 1946 - Sections 292(1) & 297 - Income-tax Act, 1952 CASES REFERRED TO Duffy, In re [1949] Ch. 28, 37, 38; 64 TLR 545; [1948] 2 All. ER 756, CA Sutherland, decd., In re [1960] Ch. 611; [1960] 3 WLR 491; [1960] 3 All. ER 270 CA, British Transport Commission v. Gourley [1956] AC 185; [1956] 2 WLR 41; [1955] 3 All. ER 796, HL, IRC v. Wood Brothers (Bizkenhead) Ltd. [1960] Ch. 611, Kiskness v. John Hudson & Co. [1955] AC 696; [1955] 2 WLR 1135; [1955] 2 All. ER 345; 36 Tax. Cas. 28, HL, Whitney v. Inland Revenue Commissioners [1926] AC 37, 52; 42 TLR 58; 10 Tax Cas. 88, HL, Commissioner of Stamp Duties v. New Zealand Insurance Co. Ltd. [1956] AC 284, 296; [1956] 2 WLR 571; [1956] 1 All. ER 598; 30 ITR (ED) 54; 3 EDC 697, PC, Southern Railway of Pent Ltd. v. Owen (Inspector of Taxes) [1957] AC 334, 344; [1956] 3 WLR 389; [1956] 2 All. ER 728; 36 Tax Cas. 634; [1957] 32 ITR 737, HL, Tyser v. Attorney-General [1938] Ch. 426; 54 TLR 481; [1938] 1 All. ER 657; 2 EDC 623 and Asher v. Seaford court Estates Ltd. [1950] AC 508; 66 TLR (Pt. 1) 945; [1950] 1 All. ER 1018, HL. JUDGMENT October 26, 1961. Lord Reid. - My Lords, the appellants are the executors of the deceased. Sir A.M. Sutherland, who died on March 29, 1953. He owned 98,700 shares in B.J. Sutherland & Co. and he controlled that company. Accordingly, these shares had to be valued for estate duty purposes by reference to the value of the assets of the company and not by reference to the market value of the shares at the date of his death. The company owned five ships, of which the value at that date is agreed to have been £1,15,000 The cost of these ships had been considerably less and the company had received large capital and annual allowances so that the expenditure unallowed within the meaning of section 297 of the Income Tax Act, 1952, was only £290,749. Accordingly, if these ships had been sold when the deceased died there would have been a balancing charge which would have given rise to liabilities for income tax and profits tax amounting to £270,079.…

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