QUESTION OF INCOME TAX
ON DIVIDENDS OF NEW ZEALAND AND.AUSTRALIAN LAND CO. (Roc. .October 20, 5.5 p.m.) London, October 23. An. important income tax /lecision has been given by the. Court of Session at Edinburgh. The Scottish Union and National Insurance. Company. holds ,£1(1,000 hi preference stock in the New Zealand and Australian Land Company, bearing interest nt i per cent. In paying tho dividend the Land Company deducted tho United Kingdom income tax of five shillings in the pound under flic Finance Act. The company, in respect of having paid the colonial income tax on part of its income earned oversea, received repayment of tho United Kingdom income, tax at the rnlo of eightoonpence in the pound. The question was whether tho Insurance Company, as the holders of preference stock, was bound to pay more than three shillings and -sixpence in tho nound tax on iU dividends. The Court held that the deduction of five shillings in the pound from the dividend was according to, the statute, and the Insurance Company was not entitled to share in the robatc paid to tho Land Company.— Router.
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Dominion, Volume 13, Issue 21, 27 October 1919, Page 5
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186QUESTION OF INCOME TAX Dominion, Volume 13, Issue 21, 27 October 1919, Page 5
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