News1 min ago
Tax Evasion - Sideways Loss Relief - How?
6 Answers
Hello,
I'm studying AAT lv4 and I am fascinated with tax!
The Barlow, Take That evasion is all over the headlines and "sideways tax relief" keeps being thrown around. Could someone please give me a basic definition of sideways loss? Examples would be perfect!
I'd also really appreciate the step by step transactions that would have been taken to avoid the tax initially (the sideways relief?) and then how it was disguised on the way back.
I'm enthralled with this and can't wait to move on to ACCA and possibly further studies into tax. Remember, we all start somewhere, so a lack of jargon would be very much appreciated!
I look forward to understanding this bad behaviour!
I'm studying AAT lv4 and I am fascinated with tax!
The Barlow, Take That evasion is all over the headlines and "sideways tax relief" keeps being thrown around. Could someone please give me a basic definition of sideways loss? Examples would be perfect!
I'd also really appreciate the step by step transactions that would have been taken to avoid the tax initially (the sideways relief?) and then how it was disguised on the way back.
I'm enthralled with this and can't wait to move on to ACCA and possibly further studies into tax. Remember, we all start somewhere, so a lack of jargon would be very much appreciated!
I look forward to understanding this bad behaviour!
Answers
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A little 'light reading' for you
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;-)
A bit simpler:
http://
Also relevant:
http://
http://
;-)
A bit simpler:
http://
Also relevant:
http://
-- answer removed --
HI BC - I dont think there is anything duplicate about your heavenly words...on tax that is !
and yes I will settle down and read what the tax man has to say
Hi Squidgy ! There are a few bad tempered posts about dear Gary - it wasnt evasion by the way but avoidance
if you are interested - then you are at some time gonna have to do some Revenue/Tax law and why not start with Gary ?
so ... after Buenchico light reading... try the tax tribunal judgement which is to be had here:
http://
and good luck
and yes I will settle down and read what the tax man has to say
Hi Squidgy ! There are a few bad tempered posts about dear Gary - it wasnt evasion by the way but avoidance
if you are interested - then you are at some time gonna have to do some Revenue/Tax law and why not start with Gary ?
so ... after Buenchico light reading... try the tax tribunal judgement which is to be had here:
http://
and good luck
@ Peter Pedant
Sorry to be pedantic, but it was indeed evasion, not avoidance. He may have thought it was avoidance when he bought into the scheme, but had it really been so he would have won the case. The only distinction between evasion and avoidance is that avoidance is lawful, evasion is not. In his case it was held to be not lawful. Hence evasion.
As they say, the difference between evasion and avoidance can be measured by the thickness of a prison wall.
Sorry to be pedantic, but it was indeed evasion, not avoidance. He may have thought it was avoidance when he bought into the scheme, but had it really been so he would have won the case. The only distinction between evasion and avoidance is that avoidance is lawful, evasion is not. In his case it was held to be not lawful. Hence evasion.
As they say, the difference between evasion and avoidance can be measured by the thickness of a prison wall.
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