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You are here: BAILII >> Databases >> United Kingdom House of Lords Decisions >> Frasers (Glasgow) Bank Ltd v Inland Revenue [1963] UKHL TC_40_698 (20 February 1963)
URL: http://www.bailii.org/uk/cases/UKHL/1963/TC_40_698.html
Cite as: [1963] UKHL TC_40_698, 40 TC 698
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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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