“…This was certainly the conclusion reached by the House of Lords in Beauchamp v F W Woolworth Plc [1990] 1 AC 478, where the issue was whether a currency exchange loss was of an income or capital nature, and thus whether it was deductible, or not, in a computation of the t…”
“…In Beauchamp (Inspector of Taxes) v F W Woolworth plc [1990] 1 AC 478, at 491-492, the House of Lords confirmed that the question whether expenditure is of a capital nature or not is a question of law (Lord Templeman). It is not …”