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Disincentive scheme

19 October 2006 / Kevin Slevin
Issue: 4080 / Categories: Comment & Analysis
The purposive approach to tax legislation is not a matter of personal choice, says KEVIN SLEVIN.

HERE IS A simple question: are there two separate sets of rules for interpreting tax legislation in the UK one set which applies only where there is perceived tax avoidance afoot with the other set of rules applying in all other circumstances?
I will focus on one aspect of a recent appeal before the Special Commissioners which clearly did not involve a tax avoidance scheme. Rather the appeal involved a group of individuals who were willing to back the development and manufacture of a product which was to prove of great value to opticians practices both here and in the United States and more importantly to the clients thereof. The group invested in Optos plc an unquoted trading company expecting to benefit under the enterprise investment scheme.

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