'Particles' in A Gas Chamber
Lord Wilberforce described the transactions in the Ramsay and Rawling cases with this colourful (if not necessarily scientifically accurate) simile:
- In each case two assets appear, like "particles" in a gas chamber with opposite charges, one of which is used to create the loss, the other of which gives rise to an equivalent gain that prevents the taxpayer from supporting any real loss and whose gain is intended not to be taxable. Like the particles, these assets have a very short life. Having served their purpose they cancel each other out and disappear. At the end of the series of operations, the taxpayer's financial position is precisely as it was at the beginning, except that he has paid a fee, and certain expenses, to the promoter of the scheme.
Read more about this topic: The Ramsay Principle
Famous quotes containing the words gas and/or chamber:
“one pale woman all alone,
The daylight kissing her wan hair,
Loitered beneath the gas lamps’ flare,
With lips of flame and heart of stone.”
—Oscar Wilde (1854–1900)
“But it is the same thing we are all seeing,
Our world. Go after it,
Go get it boy, says the man holding the stick.
Eat, says the hunger, and we plunge blindly in again,
Into the chamber behind the thought.”
—John Ashbery (b. 1927)