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An amount which is received or accrued, does not fall into gross income if it is of a capital nature. The term capital nature is not defined in the Income Tax Act (Chapter 23: 06) and it is therefore necessary to rely on case law to establish the meaning of the term.
Explain what is meant by “an amount of a capital nature” using relevant case law. (25 marks)
Sorry but this is nothing to do with ACCA UK Taxation