Now in its fifty-first edition, no less, Tolley’s Yellow Tax Handbook comes in five volumes and, without a doubt, it’s the definitive, neat and complete and necessarily gargantuan guide to all UK tax. So, if you’re a practitioner involved professionally in any matters relating to UK tax, and you don’t yet have these volumes, buy them now.

The fact that this is a huge multi-volume work of reference is indicative of what consultant editor Anne Redston refers to as “Britain’s Byzantine tax system” which the government has promised to replace with a straightforward, accessible fiscal code.  As a result, the yellow Tax handbooks of the future ‘may be slimmer than this one’, she hopes. Until that happy day arrives, those ever dependable and essential Yellow Tax Handbooks will likely continue to expand widthways and the number of volumes will no doubt proliferate.

Redston points out that this edition of “Yellow” is actually longer than the last, containing as it does much new material including – to cite only a few examples, the first two Finance Acts 2010… the new Corporation Tax Act 2010 and the Taxation (International and other provisions) 2010.  This, and the other new material will help keep us abreast of the many changes that have occurred since the last edition (and election), with the provisions cross referenced for maximum ease of use.

Endorsed by the Chartered Institute of Taxation, the Handbook covers in Parts 1 and 2, income tax, corporation tax and capital gains tax, inheritance tax, NI Contributions, tax credits and petroleum revenue tax.  Additional material includes extra-statutory concessions, statements of practice, interpretations and codes of practice, newsletter extracts, news articles and press releases.

Those needing to pursue the subject matter in depth will appreciate the meticulous annotations and cross references to HMRC manuals and other authoritative tax reference sources.  The information presented in this edition is at 10^th July 2010 and no account is made of changes that have taken place after that date.

The reason is that Tolley publishes supplements to both its annual “Yellow” and “Orange” Handbooks to keep you up to date on the changes contained in the Third Finance Act 2010. Tolley give us the most indispensable up to date position possible with this fundamental work which is a great tribute to the efforts which have been put in to these essential tax titles by Professor Redston and Tolleys- with this work, and always read the ‘Publishers’ Note’ at the front!