Commissioners of Inland Revenue v L B (Holdings), Ltd (In Liquidation) -  UKHL TC_28_1 22 March 1946
Sur-tax-Apportionment of income of investment company-Sale of business by sole owner to trading company and issue of its shares to investment company-Issue of investment company’s shares to vendor-Vendor declaring himself, by deed of trust, sole trustee of (inter alia) shares of investment company-Trust to pay income to wife and children-Dividends of investment company paid to trading company and credited to trustee-Drawings by trustee on this account for (inter alia) his own purposes-Whether trustee, as settlor, " able to secure ” that income will be applied for his benefit-Whether settlor (being also trustee and a person to whom income can be apportioned) ts a member of the company but has no relevant interests therein or, alternatively, is able to secure that income will be applied for his benefit to a greater extent than is represented by his relevant interests-Finance Act, 1922 (12 & 13 Geo. V, c. 17), Section 21; Finance Act, 1937 (1 Edw. VIII <§• 1 Geo. VI, c. 54), Section 14 (2); Finance Act, 1939 (2 cS- 3 Geo. VI, c. 41), Sections 14 and 15.
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