Taxation of unexplained income: higher-rate treatment applies, and deductions including partner salary are disallowed. The tribunal held that excess unrecorded stock and cash found on survey were assessable as unexplained investment and unexplained money, and that the ... Summary
Taxation of unexplained income: higher-rate treatment applies, and deductions including partner salary are disallowed.
The tribunal held that excess unrecorded stock and cash found on survey were assessable as unexplained investment and unexplained money, and that the special higher-rate taxation provision applies to such income, taxing it at a higher fixed rate and disallowing any deduction; consequently the claimed partner's salary relating to the unexplained investment was disallowed.
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TaxTMI 
TaxTMI 
