"RETROSPECTIVE clarificatory amendments to tax laws" are not dirty words as has been made out by the International Arbitration Award in the case of Vodafone-an award which has been a matter of public debate both in print and electronic media. However a fact which has missed attention is that there are precedents

'Capital gains' used to be deeply antithetical to the British understanding of 'income' for the purpose of the charge of income tax. Income is supposed to be a periodical return that has been likened to the fruits of a tree whereas the tree is the capital. If the tree itself is felled or alienated,