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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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...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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