Was a boat chartering trade carried on commercially?
In Anthony and Julia Rowbottom v HMRC [2016] UKFTT 9 (7 January 2016) the FTT found that the trade carried out by a boat chartering partnership had not been commercial.
The original appellant was a partnership TJ Charters which carried on a boat chartering business. The issue was whether losses made by the partnership were available for set off against the general income of Mr and Mrs Rowbottom. This depended on whether the trade carried on by the partnership was ‘commercial’ (ITA 2007 s 64).
The FTT noted that this was an objective test. The distinction was between the serious trader who whatever his shortcomings in skill experience or capital is seriously interested in profit and the amateur or dilettante. The FTT found that the projected profit and loss account did not represent a business...
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Was a boat chartering trade carried on commercially?
In Anthony and Julia Rowbottom v HMRC [2016] UKFTT 9 (7 January 2016) the FTT found that the trade carried out by a boat chartering partnership had not been commercial.
The original appellant was a partnership TJ Charters which carried on a boat chartering business. The issue was whether losses made by the partnership were available for set off against the general income of Mr and Mrs Rowbottom. This depended on whether the trade carried on by the partnership was ‘commercial’ (ITA 2007 s 64).
The FTT noted that this was an objective test. The distinction was between the serious trader who whatever his shortcomings in skill experience or capital is seriously interested in profit and the amateur or dilettante. The FTT found that the projected profit and loss account did not represent a business...
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