Sorry just to be clear they can;t be clobbered for tax avoidance but I meant

whether something is tax avoidance or tax evasion. Its the latter that is illegal.

In gthe Ingenious media case as I understand it one of the main issues was whether the expenses incurred in investing in these films were capital or revenue expenses as only the latter can be offset against income tax. The court found they were capital expenses so could not be written off although even they said it was a reluctant conclusion and produced a result that was possibly unfair having regard to usual accounting practice.

Posted By: Jim, Feb 21, 08:47:02