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Correspondence from readers on topical subjects.
Depreciation in stock
Madness prevails. In nearly 20 years of reading Taxation there has never been a subject which has so offended my sense of justice as the recent appeal cases on depreciation in stock which have caused me to put pen to paper and write to the editor for the first time. I also refer to the article entitled 'Another wee dram' in Taxation, 24 November 2005, page 215 and all previous articles.
Correspondence from readers on topical subjects.
Depreciation in stock
Madness prevails. In nearly 20 years of reading Taxation there has never been a subject which has so offended my sense of justice as the recent appeal cases on depreciation in stock which have caused me to put pen to paper and write to the editor for the first time. I also refer to the article entitled 'Another wee dram' in Taxation 24 November 2005 page 215 and all previous articles.
The first misunderstanding is that no-one is suggesting adding back to the profit only a proportion of the depreciation charged in the accounts and that is not what these cases are about. In both cases the taxpayers sought to add back all the depreciation which had been charged in the accounts. 'Charged in the accounts' means and can only mean charged to the profit...
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