Building Incoherence into the Law: A Review of Relief for Tax Losses in the Early Twentieth Century

[2012] 5 British Tax Review 655

18 Pages Posted: 20 Aug 2013

See all articles by Dominic de Cogan

Dominic de Cogan

University of Cambridge, Faculty of Law

Date Written: August 20, 2013

Abstract

This article examines the history of relief for tax losses in the UK, with an emphasis on excess capital allowances, excess management expenses and the indefinite carry-forward of trading losses. It is argued that the early development of this area of law was characterised by repeated over-complication, with policymakers preferring to invent new and superfluous doctrines than to return to the basic questions of whom should receive relief, when and how. These parallel systems of loss carry-forward should finally be excised from the statute book, and in the meantime, structures should be developed to ensure that this type of poor quality incrementalism is not repeated in the future.

Reprinted from British Tax Review Issue 5, 2012 with the permission of Sweet & Maxwell.

Keywords: Tax, UK, Losses, History, Policy

Suggested Citation

de Cogan, Dominic, Building Incoherence into the Law: A Review of Relief for Tax Losses in the Early Twentieth Century (August 20, 2013). [2012] 5 British Tax Review 655, Available at SSRN: https://ssrn.com/abstract=2312950

Dominic De Cogan (Contact Author)

University of Cambridge, Faculty of Law ( email )

10 West Road
Cambridge, CB3 9DZ
United Kingdom

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