In M Saheid v HMRC [2016] UKFTT 224 (23 March 2016) the FTT found that neither interest relief nor post-cessation relief were available.
Mr Saheid and his wife ran a post office a farm and a care home. He appealed against a closure notice denying the deductibility of loan interest and legal and professional fees relating to the post office business. HMRC contended that Mr Saheid had not shown that the relevant loans had been taken out for business purposes and that the legal and professional fees had been incurred after the trade had ceased.
Mr Saheid was not able to show that the loan proceeds in relation to which he had claimed interest were paid into the post office’s account. He conversely was not able to demonstrate that loan and credit card interest payments had been made from an account used...
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In M Saheid v HMRC [2016] UKFTT 224 (23 March 2016) the FTT found that neither interest relief nor post-cessation relief were available.
Mr Saheid and his wife ran a post office a farm and a care home. He appealed against a closure notice denying the deductibility of loan interest and legal and professional fees relating to the post office business. HMRC contended that Mr Saheid had not shown that the relevant loans had been taken out for business purposes and that the legal and professional fees had been incurred after the trade had ceased.
Mr Saheid was not able to show that the loan proceeds in relation to which he had claimed interest were paid into the post office’s account. He conversely was not able to demonstrate that loan and credit card interest payments had been made from an account used...
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