Which of the following is a source of UK tax law?
Answer and explanation
Correct answer: A. Finance Acts passed by Parliament, and decisions of the courts on tax cases
- Step 1: Tax law comes mainly from statute and case law.
- Step 2: HMRC guidance explains how HMRC applies the law but is not itself law.
Answer
Finance Acts passed by Parliament, and decisions of the courts on tax cases.
Why not the others: A press release cannot override statute. Accounting standards are not tax law, although profits are adjusted for tax. A company's articles do not create tax law.
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