TaxCorporate TaxTaking Stock: When tax gets tasty

Taking Stock: When tax gets tasty

TS likes cake

ANY regular readers of this diary will know just how much TS loves a bargain – and confectionery.

Imagine, then, our delight when those two great joys met as a result of a recent tax tribunal. A Scottish court ruled snowballs, the much-loved marshmallow snack, are sufficiently cake-like to be zero-rated.

As you can imagine, we headed straight to the nearest shop and loaded up on those lovely snowy treats, safe in the knowledge the 20% rate didn’t apply.

We feel a little ill now, though. Why do we never learn?

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