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A matter of distinction
KEY POINTS
- Capital and revenue costs were the subject of the first Readers’ Forum question.
- The first reported tax case dealt with the same subject.
- The need for profits to be computed in accordance with general accepted accounting practice.
- The Atherton case and whether an asset is of enduring benefit.
- Is there still a significant distinction between revenue and capital?
It is somehow fitting that the first readers’ query published in Taxation asked whether a profit was capital or revenue. That divide is of course one of the fundamental building blocks of our tax system and has always been the subject of keen debate and controversy. It is satisfying to note that just as Readers’ Forum started with a question about capital and revenue the first court decision in the official Reports...
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