Abstract
Abstract Three recent decisions of the High Court concerning decisions with serious tax consequences have illuminated the continuing difficulty in identifying a principled distinction between mistakes as to present fact or law justifying rescission on the one hand, and mispredictions or ‘risk-taking’, which are afforded no remedy, on the other. This article examines the differing approaches to misprediction and risk-taking in relation to tax, and considers whether any reliable principles emerge for the benefit of those wishing to advise clients in the future.
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