Revenue Law Q and ARevenue law is a dynamic, challenging and practical subject concerned with the fiscal implications inherent in the conduct of one's affairs. It is essentially statute based and has been interpreted by the courts in a wealth of cases. Many students are filled with trepidation in reading the subject at undergraduate level or for professional examinations. The aim of this book is to assist students in their revision of the subject by enabling them to gain experience in answering examination questions, particularly in relation to the five main tax areas: income tax; value added tax; capital gains tax; coporation tax; and inheritance tax. This edition includes many new questions and substantial revisions to other questions in the light of recent changes, such as the 1998-99 new tax tables; the Finance Acts 1997 and 1998; and recent decisions, such as Brown v Richardson; IRC v Willoughby; IRC v McGuckian; and Schuldenfrei v Hilton |
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12 months accounting period acquired acquisition amount annual Answer plan assessment basic rate beneficiaries benefits in kind capital gains tax chargeable gain chargeable transfer charity claim close company company’s computed connected persons corporation tax court decided David death deductible deemed defined directors discretionary trust disposal disposition distribution dividend dwellinghouse effect emoluments enacts entitled exempt transfer expenses Finance Act 1998 gain accruing gift gift aid Gourley gross House of Lords IHTA income tax inheritance tax input tax interest in possession liable to income loan loss market value paid payable payment potentially exempt transfer profits question rate of tax rate tax received resident respect Revenue Section settled property settlement settlor shares taper relief tax credit tax purposes tax under Schedule taxable Taxes Act taxpayer TCGA transaction transfer of value transferor treated trust value transferred