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Correspondence from readers on topical subjects.
Repairing land
My understanding of the distinction between capital and revenue has been turned on its head by an exchange of correspondence and meetings with the local Inspector of Taxes.
Correspondence from readers on topical subjects.
Repairing land
My understanding of the distinction between capital and revenue has been turned on its head by an exchange of correspondence and meetings with the local Inspector of Taxes.
My client is a long established industrial scrap processor that has occupied a leasehold site for some twenty years. The land has been polluted by the processes carried out on it and the implementation of Environmental Protection Act 1990 Part IIA from April 2000 caused the company to make provision in its accounts to 31 March 2001 for the costs of remediating the site.
Irrespective of whether the requirements of Financial Reporting Standard (FRS) 12 are met in relation to the lease the obligation under the law and the quantum of the costs the Inland Revenue has denied relief on the basis that it does not accept the concept that...
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