The Gazette 1921-25

The Gazette of the Incorporated Law Society of Ireland.

[JULY, 1921

16

credited as fully paid up, and the respondent's shares had been allotted to him in that previous year pursuant to that resolution. Rowlatt, J., held that for the purposes of the super tax the shares so allotted to the respondent could not be treated as part of his " total income from all sources for the previous year " within the meaning of s. 66, sub-s. 2, of the Act, inasmuch as they were not part of his income but were an addition to his capital in that year, and his decision was affirmed by the Court of Appeal. The House, by a majority of three to two, after consideration, dismissed the appeals. In the opinion of the majority the distribu tion of these bonus shares was one of capital and not of income, and was made such for all purposes by the decision of the company itself to that effect. (Reported Weekly Notes, June llth, 1921.) Notice of Change of Address. MR. FREDERICK G. SHARPE, Solicitor, has changed his registered address from 16 College Green to 8 Nassau Street, Dublin.

The Council awarded Gold Medals to Michael Tynan and George McSpadden, Silver Medals to Hutchmson E. Davidson and Valentine E. Kirwan, and Special Certificates to Barry M. O'Meara and Daniel O'Leary. Eighteen candidates attended : 16 passed ; 2 were postponed.

Recent Legal Decision.

COMMISSIONERS OF

INLAND REVENUE,

Appellants; BLOTT, Respondent. SAME, Appellants ; GREENWOOD, Respondent. HOUSE OF LORDS. June 3rd, 1921.— Revenue—Income Tax— Super Tax—Bonus Shares. These were appeals from a decision of the Court of Appeal in England, which affirmed a decision of Rowlatt, J. The facts were substantially the same in both cases. An assessment to super tax under the Finance (1909-10) Act, 1910, was made upon the respondent in the first case for a certain year in respect of an allotment to him of bonus shares in a limited company of which he is a shareholder. • In the previous year the company, in pursuance of a power in that behalf contained in its articles, had passed a resolution that out of its undivided profits a bonus should be paid to its share holders, and authorising in satisfaction of that bonus a distribution among its share holders of certain of its unissued shares

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