How to Make £3 Million-tax Free - by "keeping Out"

The scan: The Week v6 no18.pdf (PDF, Marxists Internet Archive, opens at this page)

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from Dave Windsor The following law report from The Times of November 4th is an example of the inner workings of capitalism: "His Lordship dismissed with costs this appeal by the Crown from a decision of the Special Commissioners of Income Tax that £3,140,000 received by I.C.I. from five European and two Japanese companies under the provisions of agreements enabling those companies to manufacture and sell in various foreign countries products equivalent to the products manufactured and sold by ICI here under the name Terylene did not fall to be assessed to income tax under Case I of Schedule D on the ground that the sums received were capital. In 1941, Mr. J.R. Whinefield and Dr. I.T. Dickson, two research chemists employed by Calico Printers Association, invented a method of producing Terylene polymers and manufacturing them so that they had special qualities of strength and pliability. C.P.A. took out patents in the United Kingdom and abroad but was too small a company to develop the invention commercially Accordingly, in 1947, C.P.A. grated I.C.I. an exclusive licence to exploit the patents throughout the world except the United States, for a period of 20 years or the duration of the patents. In the next few years I.C.I. expended much money on research in developing the invention, took out ancillary patents and started commercial production. The possibilities were so great that it was clear that I.C.I. could not meet the overseas demand from Britain; quite apart from the huge capital that the establishment of foreign plants would have required from I.C.I. it was doubtful whether at that time, 1952-53, Treasury consent for the foreign exchange required would have been forthcoming. I.C.1I., therefore, entered into agreements with five European companies, Rhodiaceta in France, Montecatini in Italy, Hoechst Glanzstoff in Germany, and A.K.U. in Holland under which I.C.I. granted exelusive licences in the licensee's country and also undertook not to compete in those countries in the manufacture and selling of products of a Terylene character whether made under the patents or not.