“Where the taxpayer companies carried forward in their tax computations the element of depreciation in fixed assets that related to production of unsold stock as part of the cost of unsold stocks they did not infringe the prohibition of deductions for the depreciation of capital assets in s 74(1)(f) of the Income and Corporation Taxes Act 1988 (as renumbered by s 144(2) of the Finance Act 1994).”
WLR Daily, 28th March 2007
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
