Want to Know About Taxes on Depreciation?
Revenue and Customs Commissioners v William Grant & Sons Distillers Ltd;
Small (Inspector of Taxes) v Mars UK Ltd
[2007] UKHL 15
HL
Weekly Law Notes Summary
28 March 2007
Where the taxpayer companies carried forward in their tax computations the element of depreciation in fixed assets that related to production of unsold stock as part of the cost of unsold stocks they did not infringe the prohibition of deductions for the depreciation of capital assets in s 74(1)(f) of the Income and Corporation Taxes Act 1988 (as renumbered by s 144(2) of the Finance Act 1994).