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JOHN JEFFREY-COOK makes a plea for simplification.
IN HIS RECENT article 'Charity begins at home' (Taxation 28 July 2005, page 449) Malcolm Gunn discussed the impact of the income tax charge on pre-owned assets. He pointed out some of the extraordinary anomalies in the régime.
JOHN JEFFREY-COOK makes a plea for simplification.
IN HIS RECENT article 'Charity begins at home' (Taxation 28 July 2005 page 449) Malcolm Gunn discussed the impact of the income tax charge on pre-owned assets. He pointed out some of the extraordinary anomalies in the régime.
In addition the drafting of the legislation is unnecessarily convoluted. Let us take what should be a simple provision the rate of charge. FA 2004 Sch 15 paras 7(2) and 9(1) provide that for chattels and intangible property N is the amount of interest that would be payable … if interest were payable at the prescribed rate … . Paragraph 1 provides that 'prescribed' means prescribed by regulations.
We then find that in the Charge to Income Tax by Reference to Enjoyment of Property Previously Owned Regulations 2005 SI 2005/724 reg 3(1) says...
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