Commentary

B5.209 Sales of slag

Business tax
Business tax | Commentary

B5.209 Sales of slag

Business tax | Commentary

B5.209 Sales of slag

A colliery partnership had ceased to carry on business and had conveyed its land to trustees in trust for the firm. On one field there was a heap of slag which was then regarded as almost worthless; but many years later the slag became of value for road-making purposes. The firm granted to a company the exclusive right to carry away the slag for a period of seven years in consideration of payments on a royalty basis. It was held that no trade was being carried on, and, therefore, there was no liability under Schedule D

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