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Distinguishing between income and captial receipts for taxation purposes?

  • 05-11-2010 2:21pm
    #1
    Hannibal6.0
    Registered Users, Registered Users 2 Posts: 134 ✭✭


    Can anybody offer any help with this or know where I collect information on this?
    Tagged:


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  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    Hannibal6.0 wrote: »
    Can anybody offer any help with this or know where I collect information on this?

    UK Revenue have hundreds of pages of help - and their law on this is pretty much the same as here:

    http://www.hmrc.gov.uk/manuals/bimmanual/BIM35001.htm

    Of course, if you don't fancy reading it all you can ask a professional to assist you. He will want to be paid.

    Here's just the 1st paragraph:

    What is and what is not capital expenditure has taxed the minds of judges, tax advisors, Inspectors, business people and others for more than two centuries. No one has produced a single simple test that will determine the issue in all circumstances. A variety of judicial pronouncements has resulted in recipes that are applicable to particular circumstances but which lead to inconclusive or even incorrect results in others. As the body of case law has expanded the margins of uncertainty have retreated. But those margins remain to this day. Resolving a case on the borderline is far from easy. The various judicial recipes may point to conflicting conclusions. You will have to come to a balanced judgement. To do so you will need to establish the relevant facts that applied at the time the expenditure was incurred.


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