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Where do we start?

Tim Ambrose President of The Chartered Institute of Taxation and Partner with PricewaterhouseCoopers Aberdeen speculates on how he would like to improve the tax law
I would like to put forward the huge benefit which I believe Government and taxpayers would both receive from the repeal of some four lines only of our tax law — sub-subsection (1)(f) and its neighbour (1)(g) of ICTA 1988 s 74.
These are the long standing provisions which prevent the deduction of any 'capital' in computing trading profits. Because of these provisions no deduction has been permitted for depreciation (which I believe is clearly a periodic expense) and the whole clumsy and cumbersome superstructure of capital allowances has had to be created to rectify the injustice and impracticality of denying...

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