Tax relief forfeited (Record no. 18813)

MARC details
000 -LEADER
fixed length control field 01406cab a2200181 4500
001 - CONTROL NUMBER
control field ABS41057
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field 090401t1989 xxu||||| |||| 00| 0 eng d
035 ## - SYSTEM CONTROL NUMBER
System control number (Sirsi) u27910
041 ## - LANGUAGE CODE
Language code of text/sound track or separate title eng
245 ## - TITLE STATEMENT
Title Tax relief forfeited
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Date of publication, distribution, etc. 1989
350 ## - PRICE (NR) (BK AM CF MU VM SE) [OBSOLETE]
Price 0
490 ## - SERIES STATEMENT
Series statement Taxation
Volume/sequential designation 123(3204) 15 June 1989, 326-327(2)
520 ## - SUMMARY, ETC.
Summary, etc. Discusses R v Inspector of Taxes ex parte Brumfield and others, (WB2447-47) which involved a farming partnership between Mr & Mrs B and their son. The son arranged to purchase the farm with a cousin at a cost of £249,558, financed partly by an interest free loan of £210,559, with no stated date of repayment, from the partnership. This sum had been borrowed from a bank. The sons land was farmed by the partnership, on a rent free basis the loan interest being regarded as in lieu of rent. Interest in the partnership accounts totalled £25,480, as reflected in the balance sheet as part of the bank borrowing. A separate amount of £120,559 was shown as a loan due from the son. The accountants claimed these transactions fell within Statement of Practice SP4/85 but wrote to the Inland Revenue for confirmation. The claim was rejected; the interest on the loan ought not to be treated as a trading expense as the loan was not used to purchase an asset but to lend to the son. Also it was usual for
690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN)
Topical term or geographic name as entry element TAXATION
942 ## - ADDED ENTRY ELEMENTS (KOHA)
Suppress in OPAC 0
948 ## - LOCAL PROCESSING INFORMATION (OCLC); SERIES PART DESIGNATOR (RLIN)
c (OCLC) 04/03/1997
Holdings
Withdrawn status Lost status Source of classification or shelving scheme Damaged status Not for loan Home library Current library Shelving location Date acquired Total Checkouts Full call number Barcode Date last seen Copy number Price effective from Koha item type
    Dewey Decimal Classification     London London Journal article 14/09/1999   ABS41057 27910-1001 06/08/2019 1 06/08/2019 Journal article