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Magdalen House Stanley Precinct Bootle Merseyside L69 9BB
Enquiries 051-922 8711 ext 3040

To: Messrs Coopers & Lybrand
Abacus House
Gutter Lane
Cheapside
LONDON
EC2V 8AH

Your Reference SH219

Our reference X36506/CR48909/DCM/McR

Date October 1978

Dear Sirs

OXFORD UNIVERSITY PRESS

Thank you for your letter of 2 October 1978.

I am pleased to confirm that profits utilised to provide further working capital for the Press are considered to be applied for charitable purposes.

Regarding the third paragraph of your letter, Section 42 Taxes Management Act 1970 requires a claim, (eg under Section 360(1) Income and Corporation Taxes Act 1970), to be made within six years next after the end of the year of assessment to which it relates, and your clients were outside this period so far as the accounting period to 31 March 1970 is concerned. Charity exemption was not included in the original appeal as a ground of objection. The fact that the liability in respect of an accounting period has not been determined does not extend the period for which reliefs etc may be claimed.

Yours faithfully

Signature: Allan Hargreaves

H. M. INSPECTOR OF TAXES