Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration


13 June 2007 / Mike Truman
Issue: 4112 / Categories: Comment & Analysis , Admin
Our man with a celebratory chocolate bar and a glass of whisky is MIKE TRUMAN.

Key points *Taxpayers win Mars and Grant Distillers in House of Lords. * Accounting principles allow depreciation to be included in carrying amount of stock. * No overriding principle that 'full' (gross) depreciation must be added back. * No Companies Act override either.

I'M NOT SUPERSTITIOUS but what do I make of the way my predictions seemed to jinx the earlier results in the Grant Distillers and Mars cases? I predicted that the Special Commissioners' decision in the former would be upheld and that the decision at first instance for Mars gave Grant Distillers a good chance of success because they had a better case. Both predictions turned out to be completely wrong. So in my last article on the subject ('Accounts do not contain whisky' Taxation 27 October 2005 page 83) I carefully refused to predict the House of Lords decision. The...

If you or your firm subscribes to, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.

back to top icon