This publication is designed as an outline guide only. There is a good reason for this – there are any number of instances where:
a specific tax or transaction cannot be considered in isolation because it overlaps with other areas of tax;
there are a myriad of inter-related rules that can prevent tax relief from being obtained or can create unexpected tax liabilities.
Whilst by no means an exhaustive list, here are just a few of the areas where tax problems can arise:
The difficulty is that the legislation is drawn up so as to attempt to prevent its misuse – unfortunately that often results in long and complex legislation which creates restrictions not originally intended or foreseen when the legislation was drafted.