The taxpayer had acquired capital assets under a financing arrangement in which payments were spread over several tax periods. It was appropriate to treat those payments in according with normal accounting practice, rather than to seek to pull them into the one period.
Citations:
Gazette 10-Mar-1993, Ind Summary 01-Mar-1993
Jurisdiction:
England and Wales
Cited by:
Appeal from – Gallagher v Jones (Inspector of Taxes) Threlfall v Same CA 1-Jul-1993
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 . .
Lists of cited by and citing cases may be incomplete.
Income Tax
Updated: 11 May 2022; Ref: scu.89892