Trading taxes in the forest

Article Abstract:

A historical view of British tax law reveals the emphasis on income earned from land and the occupation of woodlands from the early years of taxation (post-1803). Currently, Britain's forestry industry participants may report their income for taxation purposes using either Schedule B or Schedule D. The advantages and disadvantages to both methods of reporting are detailed. This filing option, coupled with the forestry industry's ability to defer relief from inheritance taxes, constitute the special taxation rules for this industry. The special rules were devised to promote the forestry industry, one which requires long-term investment and long-term returns on investment.

United Kingdom, Case studies, Forests and forestry, Forests, Industrial development, Industrialization, Incentives (Business)

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Ethics in taxation practice

Article Abstract:

Tax accountants in Scotland practice two broad categories of taxation, advisory and compliance. Compliance tax accounting usually concerns tax evasion; advisory tax accounting, tax avoidance. Tax evasion means either legal or illegal circumvention of tax law, while tax avoidance means legal circumvention of tax liabilities. The issue of ethics always arises in these circumstances, and accountants must develop their own set of ethical and moral values. One thing the accountant should remember is that clients can be apprised of the likely results of certain tax procedures, but cannot be given a set of moral or ethical values.

Analysis, Laws, regulations and rules, Tax accounting, Accounting, Scotland, Ethical aspects, Business ethics

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Reforming capital taxes

Article Abstract:

Changes in the capital transfer tax occasioned by the British Finance Act of 1986 are substantial. The capital transfer tax was renamed Inheritance Tax. At present, the occasion of charge is death, but a more appropriate occasion of charge might be found, such as an annual wealth tax. The tax reforms becoming effective in Great Britain are discussed from the viewpoint of their effect on capital investment, corporate assets and personal taxes.

Interpretation and construction, Tax law, Capital assets

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