TAXING STUD FEES.

Star (Christchurch), Volume XLIV, Issue 752, 4 May 1933, Page 8

TAXING STUD FEES.

Lord Glanely Wins Important Case. Of great importance to all breeders of bloodstock in Great Britain was a judgment delivered in the House of Lords last month. Lord Glanely had appealed against the assessment for income tax of profits earned by the stallions at his stud near Newmarket. Lord Glanely’s contention was that he lost money oft the stud farm, and that any profits earned by the stallions ought not to be assessed separately from the profits or losses of the farm as a whole. The Court of Appeal had by a majority upheld a decision of Mr Justice Rowlatt adverse to him, and the present appeal was heard by Lord Buckmaster, Lord Tomlin, Lord Russell of Killowen, and Lord Wright. Their Lordships agreed that the appeal should be allowed with costs. During the hearing of the appeal it was stated that the activities of Lord Glanely in connection with the breeding and racing of thoroughbreds re-

suited in a loss of something approaching £IB,OOO a year. In his judgment Lord Wright mentioned that Lord Glanely had made a capital outlay on and about his stud property, including bloodstock, of about £250,000. Within forty-eight hours of the success of Lord Glanely’s appeal, Lord Rosebery announced a reduction in the fees of Miracle for the 1934 season.