ACCA ATX ^UK Syllabus A6. Value Added Tax - The different sources of revenue law and HMRC terms of reference. - Notes ^{2 / 5}

There's a few of these sources, but do try and learn the basics - here we go..

Tax Legislation (Statute law)

Law so you HAVE to follow them or boy, you're in deep doggy-do

1. Updated annually by the Finance Act (made by the chancellor of the exchequer) - referred to as "The Budget"

2. Statutory instruments - These give detailed guidance where necessary on points of law

Case Law

These are decisions made previously by judges in court about taxation matters

1. The "case" will help decisions be made in similar circumstances

2. The "case" rulings are binding

HMRC Guidance

These explain the laws and help interpret the law

The main types are:

1. Statements of Practice Provide clarification of how rules should be applied

2. Extra statutory concessions I know! :( 

   These allow laws to be relaxed where their implementation would cause undue hardship

3. Internal HMRC Manuals Give guidance for their staff but are also available to the public

4. Briefs 

   These just provide details of a specific tax issue that's arisen

5. HMRC website, leaflets etc

   Use non-technical language aimed at the general public