§ 50. Mr. Thorneasked the Chancellor of the Exchequer whether, in the case of a racing stud sold for 17,000 guineas and racehorses sold for 5,000 guineas and 10,000 guineas, respectively, the sellers have to pay Income Tax on the amount received?
§ The Chancellor of the Exchequer (Sir Kingsley Wood)Whether liability to Income Tax would arise as a result of the transactions of the kind referred to by my hon. Friend depends upon whether the transactions constitute trading transactions, and this could only be determined by reference to the facts of actual cases.