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The new edition of this established revenue textbook makes tax law understandable by demystifying the jargon, and will be welcomed by undergraduates, teachers of tax law and practitioners needing a simple guide to the subject. It concentrates on explaining the various principles underlying the major taxes, as well as offering an insight into how tax law has developed and is applied. This edition covers the basic principles of income tax, corporation tax, capital gains tax, inheritance tax and VAT. It includes the Finance Act 2000 as well as important case law developments up to June 2000. Major developments in the fourth edition include: * On-line supplements, enabling the authors to update the book with the latest legislative and case law developments (www sweetandmaxwell.co.uk/academic) * The tax law rewrite project, especially on capital allowances * The new basis for computation of capital gains tax developments within the European Union * Gifts with reservation * The fusing of national insurance with income tax * The principles of computing in the value of supply and tax credits for VAT