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INTERNATIONAL U.K. House of Lords

Thomas Fattorini (Lancashire), Ltd v Inland Revenue [1942] UKHL TC_24_328 (27 April 1942)

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Thomas Fattorini (Lancashire), Ltd v Commissioners of Inland Revenue – [1942] UKHL TC_24_328 27 April 1942

The Appellant Company which was registred in 1919 took over and carried on until 1928 the business formerly carried on byT. In 1928 the Company •ceased to trade on its own account and invested its funds on loan at interest with three other companies (the “ operative companies ”). T, at the time of his death in 1934, was the principal shareholder in all four companies. By his will his two sons were given the option to purchase his shares in these companies from his executors. One son, F, did not exercise his option; the other, W, bought all his father’s shares in the Appellant Company. Thence-jorward, W and his wife were the only shareholders in the Company.
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Source: https://www.bailii.org/

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