Correspondence from readers on topical subjects.
Another wee dram
I have read your editorial (Taxation, 27 October 2005, page 83) concerning HMRC v William Grant & Sons, Distillers. I am not sure that I can agree with your conclusion that the majority view of the Court of Session is in error.
It seems to me that the purpose of the add-back of depreciation is to establish the profit before any deduction for 'any sum employed or intended to be employed as capital in the trade' i.e. the 'consumption' of the fixed assets.
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