| 释义 |
business
n. For value-added tax purposes, an activity is a business (and, hence, potentially liable to VAT) if it amounts to an “economic activity” within the meaning of the EU Sixth Directive, as interpreted by the European Court of Justice (Welcome Trust Ltd v Customs and Excise Commissioners [1994] VAT Decision 12206). Elsewhere in the Taxes Acts, the meaning of the term “business” seems to derive from the context. A “property business” is the aggregate of all lettings carried on by one taxpayer, income tax on property income being levied on the profits of the taxpayer’s single “property business”. The courts have generally considered that every company carries on a business, that being the essential nature of a company. Sometimes, the business is merely holding shares in other companies (see investment company). When computing profits on which an income tax charge is imposed, deductions are made for expenditure with a business purpose. No deductions are made for expenditure with a domestic purpose, nor (generally) where there is duality of purpose. |