MUNICIPAL MUTUAL INSURANCE, LTD. v. HILLS (INSPECTOR OF TAXES).
(1932) 42 Ll.L.Rep. 173
HOUSE OF LORDS.
Before Lord Dunedin, Lord Warrington of Clyffe, Lord Atkin, Lord Thankerton and Lord Macmillan.
Revenue-Income tax-Mutual insurance company-Fire policy holders, in substantial control of company, alone entitled to benefit of surplus assets - Surplus arising from non-fire business done with fire policy holders-Whether "profit or gain"-Finding, as regards non-fire business, that "in no case is any redundant part of the premiums returnable to the contributors, as contributors, either in the shape of a reduction of premiums, or in cash on cessation of the policy or on winding-up"