Will Mann and Alex Haynes examine the reliance of tax disclosure sections on precedent
The three corporation tax acts now contain some 2 897 sections and yet there is not a single section giving guidance on the drafting of tax sections for prospectuses. Other legislation offers nothing the FSA are not forthcoming and HMRC are not interested.
In lieu of a prescribed checklist there is a tendency to rely heavily upon precedent updating for changes in law. This approach has advantages: if the precedent is good the possibility of a negligence claim diminishes there is the knowledge that if the FSA have approved this language before...
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Will Mann and Alex Haynes examine the reliance of tax disclosure sections on precedent
The three corporation tax acts now contain some 2 897 sections and yet there is not a single section giving guidance on the drafting of tax sections for prospectuses. Other legislation offers nothing the FSA are not forthcoming and HMRC are not interested.
In lieu of a prescribed checklist there is a tendency to rely heavily upon precedent updating for changes in law. This approach has advantages: if the precedent is good the possibility of a negligence claim diminishes there is the knowledge that if the FSA have approved this language before...
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:
