Eight essential tax cases
KEY POINTS
- “Wholly and exclusively” continues to be of fundamental importance.
- Tax mitigation is not tax avoidance and it is worthwhile remembering the difference between the two.
- When considering tax reliefs associated with a trade establish whether a trade is being carried on.
- Consider the purpose of the relevant statutory provisions and their application to the transaction in question.
- Remember record-keeping and statutory compliance basics.
If a tax barrister was asked to name some cases that every accountant and tax adviser should know I would not expect them to have too much trouble providing a list.
If 10 barristers were asked the same question the combined list would probably run into three figures.
On reflection perhaps it would be better to ask several barristers to each name...