Words and Phrases - "ordinary course of the trade"
General Motors Acceptance Corp. (U.K.) Ltd. v. I.R.C., [1985] BTC 324 (HC), aff'd [1987] BTC 71 (C.A.)
cars were sold in ordinary course of finance company's trade
In the ordinary course of trade of a finance subsidiary ("GMAC"), it provided a financial package to car dealers, which entailed (1) GMAC...
Words and Phrases
ordinary course of the tradeReed v. Nova Securities Ltd., [1985] BTC 121 (HL)
As interpreted in General Motors Acceptance Corporation (U.K.) Ltd. v. IRC, [1987] BTC 71 (C.A.).
Shares acquired by the taxpayer did not...