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?