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Vodafone Cellular Ltd v. Shaw (Inspector of Taxes) [1997] STC 734 (C.A.)

Deductible expenses. Section 74 ICTA 1988. A one-off payment to terminate an onerous contract was deductible in computing profits for corporation tax purposes. The payment was held to be of a revenue nature and was wholly and exclusively for the purposes of the taxpayer’s trade rather than the trades of its subsidiaries.Michael Flesch KC and Felicity Cullen appeared for the taxpayer

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