Commentary

B5.228 Builder's advance to purchaser on second mortgage

Business tax
Business tax | Commentary

B5.228 Builder's advance to purchaser on second mortgage

Business tax | Commentary

B5.228 Builder's advance to purchaser on second mortgage

There was a variation of the method of financing sales of houses described in B5.226 in Absalom v Talbot1, where the difference between the sum paid by the purchaser and the amount of the building society's advance was lent by the builder himself on security of a second mortgage, with the addition of promissory notes in some cases. The builder contended that the amounts so secured ought to be brought into his income tax computations at their actual values at the times of the sales of the houses; and that, if a

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