INCOME FROM "TRADE"

Dominion, Volume 7, Issue 2159, 27 May 1914, Page 5

INCOME FROM "TRADE"

WHAT IS ."PERSONAL EXERTION"?

PRIVY COUNCIL APPEAL By .Telegraph—Prons Aescciatloa—OoDyrieW London, May 25. In tlia Privy Council appeal case Syme versus tho Victorian Tax Commissioners, in which tho High Court ordered fivo of tho lato Sir Dnvid Syine's beneficiaries to pay a shilling rato for incoino from property on £17,000, instead of sixpence in tho pound for "personal exertion," counsel contended that tho Act defined that all income derived from any trade was from personal exertion. Appellants were entitled to a sixpenny rato "On tho income from the trade they carried on as trustees. Lord Mouiton, tho President, remarked that there was -nothing in tho Act to show that a trade must necessarily bo carried on by tho person receiving tho income.'. : Lord Summer asked: "Do not tho words 'derived ,from any trade , mean carried on by tho person who get's the income?" Tho further hoaring of the case was adjourned. ■PASTORAL FINANCE COMPANY'S APPEAL." • London, May 25. The Privy Council appeal case, tho Pastoral Finauco Company versus tho Minister of Customs, New South Wales, has- been adjourned. Their Lordships suggested a settlement. respecting tho amount in dispute SIR JOSHUA WILLIAMS AT THE PRIVY COUNCIL. - • 26, 6 p.m.) London, May 26. . Sir Joshua Williams (Now Zealand) sat on tho Judicial Committee of the Privy Council.