Commercial Practice is to be followed in apportioning payments under a lease between different tax years. There is no requirement that expenditure must be charged to year it in which technically falls due, but tax accounts must not give a misleading picture of trading results. Citations: Gazette 08-Sep-1993, Ind Summary 26-Jul-1993, Times 01-Jul-1993, [1994] Ch … Continue reading Gallagher v Jones (Inspector of Taxes) Threlfall v Same: CA 1 Jul 1993
A scheme was devised to sell annuities to charities. They then used the capital sum paid to purchase promissory notes from the charity, which were in turn used to secure annuity payments. Held: The scheme was entirely self cancelling and void. Payments made in pursuance of the scheme fell outside the ambit of the section.There … Continue reading Moodie v Inland Revenue Commissioners and Another and similar: HL 7 Apr 1993
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