Frasers (Glasgow) Bank Ltd v IRC (1962) [1963] UKHL TC_40_698 20 February 1963
The Appellant Company carried on a bona fide banking business on a restricted scale. It operated primarily to facilitate transactions within a group of companies controlled by its own chairman, managing director and controlling shareholder, F, but there were also a number of deposit and current accounts opened by persons who were not members of the group. It did not utilise the normal clearing-house facilities and met cheques drawn on it either by cash or by drawing a further cheque on a clearing-house bank, N Ltd., who were, in effect, its bankers.
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