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Substantial something; Barn conversion; The quality of mercy; Sunshine tax
Substantial something
What are the tax consequences of an erroneous payment by a bank?
Nearly six years ago a land dealing (now property investment) company held surplus cash which it placed on a money market deposit with the treasury division of its bankers. At the expiry of the three-month term the deposit was repaid with interest. Incredibly a few days later the deposit was “repaid” again this time without interest.
The amount is substantial. In each of the past six years’ accounts the amount has been carried forward in creditors in the company’s accounts.
When next year’s accounts come to be prepared more than six years will have elapsed since the second “repayment”. No demand has been received to repay the “bank error in your favour” and no steps have been taken by the company or...
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