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Taxation

In: UK Gaap

Author

Listed:
  • Mike Davies

    (Ernst & Young)

  • Ron Paterson

    (Ernst & Young)

  • Allister Wilson

    (Ernst & Young)

Abstract

A discussion of how to deal with taxation in financial statements must begin with some consideration of what it is that is to be accounted for. Although it might be supposed that this is a simple question, and that taxation is a business expense to be dealt with in the same manner as any other cost, it has certain characteristics which set it apart from other costs and which might justify a different treatment. These characteristics include the fact that tax payments are not made in exchange for any goods or services and the fact that the business has no say in whether or not the payments are to be made. It is held by some that these elements mean that taxation is more in the nature of a distribution than an expense; in essence that the government is a stakeholder in the success of the business and participates in its results (generally in priority to other stakeholders).

Suggested Citation

  • Mike Davies & Ron Paterson & Allister Wilson, 1992. "Taxation," Palgrave Macmillan Books, in: UK Gaap, edition 0, chapter 0, pages 1001-1066, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12998-0_18
    DOI: 10.1007/978-1-349-12998-0_18
    as

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