Untitled

Otago Witness, Issue 3513, 12 July 1921, Page 25

TAXING PENSION MONEY. WRIGHT, STEPHEN SON, AND CO. LOSE ON APPEAL. WELLINGTON, July 4. The judgment of the Full Court was given this morning in the case of Wright, Stephenson, and Co. Ltd. v. the Commissioner of I axes, hoard on May 4. Pile company claimed exemption from taxation of tho sum of £10,702, being the amount paid by it to a, pension and benefit fund for the benefit of employees. P’he Commissioner of 'Faxes disallowed the claim, and the Full Court gave judgment affirming tho decision of the commissioner. sur John Salmond held that no part of the sum was deductable from tile assessable income, no matter what the destination of the profits. Tho decision of the commissioner was therefore upheld, and cosls (£lO 3Os) were allowed. Air Justice Stringer delivered a dissenting judgment, and Air Myers (for the company) asked for leave ro appeal to the Privy Council direct. I’he application was adjourned.