'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 chamber, gas and/or chamber:
“Papa died in the gas chamber,
slipping blue as an undressed minnow,
gulping in the shower to wash the Jew off him.”
—Anne Sexton (1928–1974)
“When we can drain the Ocean into mill-ponds, and bottle up the Force of Gravity, to be sold by retail, in gas jars; then may we hope to comprehend the infinitudes of man’s soul under formulas of Profit and Loss; and rule over this too, as over a patent engine, by checks, and valves, and balances.”
—Thomas Carlyle (1795–1881)
“Another day. Deliberations are recessed
In an iron-blue chamber of that afternoon
On which we wore things and looked well at
A slab of business rising behind the stars.”
—John Ashbery (b. 1927)