ATXP6 UK
Syllabus A6. Value Added Tax A6b. Principal sources of revenue law and practice

A6b. The different sources of revenue law and HMRC terms of reference.

Syllabus A6b)

Principal sources of revenue law and practice

Tax Legislation (Statute law)

Law so you HAVE to follow them.

  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 

    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