Taxation has in my view become enormously more complex year by year. The complexity is both in its depth and breadth. The inevitable consequence is that there is enormous uncertainty as to whether and how legislation is likely to impact on any particular transaction. The degree of uncertainty has been compounded by the move to self-assessment poor drafting (as likely as not due to poor instruction as to inadequate legislative scrutiny) and increasing focus on HMRC guidance.
Often on the facts a relief is simply not available or the charge to tax cannot apply. The key is to be clear as to what the facts are. A vital lesson...
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Taxation has in my view become enormously more complex year by year. The complexity is both in its depth and breadth. The inevitable consequence is that there is enormous uncertainty as to whether and how legislation is likely to impact on any particular transaction. The degree of uncertainty has been compounded by the move to self-assessment poor drafting (as likely as not due to poor instruction as to inadequate legislative scrutiny) and increasing focus on HMRC guidance.
Often on the facts a relief is simply not available or the charge to tax cannot apply. The key is to be clear as to what the facts are. A vital lesson...
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:
