Field Court Tax Chambers

The latest edition of Tax Journal includes an insightful article by our very own Peter Vaines on a fascinating quirk of our tax system. The concept of notional transactions means that often we can be taxed on transactions that never actually happened, rather than the ones we really made. The Upper Tribunal recently declared that the opposite ought to be true, but Peter discusses some of the various ways in which reality differs from the stated proposition, and why the consequences are not to be taken lightly! The full article is well worth a read and can be found here on the Resources page of our website.

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