INCOME TAX – partnership – whether a loss was incurred in the year ending on 31 December 1991 – no – whether the disposal value of machinery and plant destroyed by fire in 1991 exceeded the capital expenditure incurred in the provision of that machinery and plant – no – whether there was a disposal value of machinery and plant transferred on the discontinuance of the trade in 1994 where no payment was received – yes – whether the capital allowances basis periods applied on the discontinuance of the trade in 1994 – yes – appeal dismissed – ICTA 1988 s385; CAA 1990 s26 and 160(3)(b)Catchwords: use right arrow to move to starting point after this box
Citations:
[2001] UKSC SPC00291
Links:
Cited by:
Appeal from – Parmar and others (trading as Ace Knitwear) v Woods (Inspector of Taxes) ChD 30-May-2002
The taxpayers had been represented by a professional accountant, but incompetently. They sought leave to renew the appeal on the basis that the representation had been poor.
Held: The chartered accountant had a statutory right of audience. His . .
Lists of cited by and citing cases may be incomplete.
Income Tax
Updated: 10 June 2022; Ref: scu.195381