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Correspondence

13 October 2004 / Peter Vaines , Ian Marshall
Issue: 3979 / Categories: Forum & Feedback

 

Correspondence

 

Feedback

 

Items of correspondence from readers on topical subjects.

 

Artistic licence?

 

 

Correspondence

 

Feedback

 

Items of correspondence from readers on topical subjects.

 

Artistic licence?

 

I was most interested to read Barry McCutcheon's article on pre-owned assets in Taxation 16 September 2004 page 626 and my eye was drawn to his comment concerning chattels and the full consideration let-out in paragraph 6(1)(a). Barry mentions that the Inland Revenue is understood to be arguing that there is no market for rented chattels and that in the absence of any such market it is impossible to determine what constitutes full consideration. If this is right the let-out would not apply and the protection afforded to the taxpayer by this provision is completely illusory. Less charitably it could be said that taxpayers are being led to believe that a let-out exists when in truth it does not.

 

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