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Depreciation in Stock — Yet Again?

Maurice Parry-Wingfield until recently a director in Deloitte's Tax Policy Group and now retired is disappointed with HMRC's recent guidance on depreciation in stock
In Mars and William Grant [2007] STC 680 the House of Lords definitively established that the depreciation to be added back in tax computations was not the gross amount written off fixed assets as HMRC had contended but the net after carrying any part of it forward in trading stock. What more can I possibly say about this having written an article on these judgments published in The Tax Journal Issue 887 on 28 May?
Quite a lot really. HMRC has recently issued BIM 33190 setting out its views on the practical consequences of the...

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