Secan Ltd no longer authority to tax unrealised gains on securities marked to market?

Secan Ltd no longer authority to tax unrealised g...

Tax alert - Issue 15, July 2011   The Court of First Instance has, in Nice Cheer Investment Ltd v CIR [2011] HCIA 8/2007, held that a taxpayer's unrealised gains arising from the mark-to-market revaluation of securities held at balance sheet date, which were credited to its profit and loss account in accordance with ordinary accounting principles, were not chargeable to profits tax.