Revenue to forge new communication chains

Article Abstract:

Outdated computer support systems and an unprecedented backlog of cases in local tax offices are among the factors contributing to the failure of British tax offices to communicate promptly and accurately among themselves. The result can be that accountants send in appeals and postponement applications on their clients' behalf, but the clients are still mailed demand notices. Technological advances now allow the British Board of Inland Revenue to implement new and more efficient systems. The first new system is CODA, Computerisation of D Assessing, which will automate assessing procedures for Schedule D, capital gains, and taxed income liabilities. The Revenue also plans to improve the quality of assessing forms. An on-line system for assessing corporate tax known as OCTA will also be introduced, as well as a Business Review of the Collection Service to improve links between accounts offices and collection offices.

Taxation, Telecommunications systems, Information storage and retrieval systems, United Kingdom. Board of Inland Revenue

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Revenue Blinded by Science?

Article Abstract:

Research and development (R&D) expenditures are generally treated on tax forms the same as they are for accounting purposes. This is acceptable if it is to be written off the same year as it occurs. However, some R&D expenses are capital expenses. According to the Capital Allowances Act of 1968, one hundred per cent of capital expenditures on scientific research relating to a trade is deductible. Inland Revenue takes a conservative interpretive viewpoint. To qualify as research, it must be concerning a new technology or field of knowledge. There are restrictions on refining of a new product. Once it has been tested, it no longer fits the bill. Clarification is necessary for some situations such as when a building is partly, not wholly, used for research. The tax charge of sale of know-how is dependent on the status of buyer and seller.

United Kingdom, Research, Capital budgets

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Baird's executors -v- Inland Revenue

Article Abstract:

A tenant's interest in an agricultural lease is considered an asset with a value and should be valuated appropriately according to the decision of the Lands Tribunal for Scotland on the Baird's Executors v. Inland Revenue Commissioners case. Considering the significance of this issue to Scottish tenant farmers, a Joint Working Party composed of representatives from various organizations was created to study the case. The Working Party suggested that the valuation method to be used in assessing the tenant's interest should consider the income-generation ability of the farm, the landlord's attitude and the impact of fragmentation in certain cases. The Working Party is presently gathering evidence from cases that may compel the Inland Revenue to adopt a new valuation approach.

Cases, Laws, regulations and rules, Contracts, Farms, Landlord and tenant, Landlord-tenant relations, Valuation

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