Property Loan and Investment Company v Revenue Commissioners

• Jurisdiction: Ireland
• Judgment Date: 13 December 1946
• Date: 13 December 1946
• Court: High Court

Property Loan and Investment Company

and

Revenue Commissioners

- Liability to assessment - Company carrying on "the business of building society" - Loans advanced to persons not being members of the company - Finance Act, 1929 (No. 32 of 1929), s. 33, sub-s. 1 (d).

1. Sect. 33, sub-s. 1 (d), of the Finance Act, 1929, provides that Part V of the Finance Act, 1920 (which imposes corporation profits tax) shall not apply "in the case of a company which carries on, either solely or in conjunction with any other business, the business of a building society, to so much of the profits of the company as are derived from its trade or business as a building society." The business of the appellant company, from which the profits assessed to corporation profits tax were derived, consisted of the advancement to persons who were not members of the company of moneys for the purpose of enabling such persons to acquire dwelling-houses. The advances were made in accordance with the company's house purchasing scheme and were secured by mortgages upon the houses purchased...