In M Stolkin v HMRC[2016] EWCA Civ 447 (10 May 2016) the Court of Appeal found that it was not possible to take advantage of both taper relief and Enterprise Investment Scheme (EIS) relief in relation to a mixed use asset.
The issue was the interaction between EIS relief and taper relief in a case in which the asset disposed of had been used both for business and non-business purposes. The taxpayer contended that he could direct his claim to EIS relief to the part of the gain referable to its non-business use; and leave the part of the gain referable to its business use to take greater advantage of the more generous taper relief applicable to disposals of business assets.
The Court of Appeal found that the taxpayer’s approach was not based on a correct interpretation of the way...
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In M Stolkin v HMRC[2016] EWCA Civ 447 (10 May 2016) the Court of Appeal found that it was not possible to take advantage of both taper relief and Enterprise Investment Scheme (EIS) relief in relation to a mixed use asset.
The issue was the interaction between EIS relief and taper relief in a case in which the asset disposed of had been used both for business and non-business purposes. The taxpayer contended that he could direct his claim to EIS relief to the part of the gain referable to its non-business use; and leave the part of the gain referable to its business use to take greater advantage of the more generous taper relief applicable to disposals of business assets.
The Court of Appeal found that the taxpayer’s approach was not based on a correct interpretation of the way...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
