Application to strike out part of HMRC’s case
In Orchid Properties v HMRC (TC00614 – 3 August) a partnership acquired a property in 1996 and sold it in 2002. In its tax return it declared a capital gain on the sale and claimed business asset taper relief.
Following an enquiry into the return HMRC issued an amendment to the partnership’s self-assessment charging income tax on the basis that the sale was part of the partnership’s trading activities.
The partnership appealed. In HMRC’s Statement of Case for the hearing of the appeal it included an alternative contention that if the tribunal should find that the transaction was an investment activity the sale did not qualify for business asset taper relief.
The partnership applied for this part of the Case to be struck out contending that this argument had not been...
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Application to strike out part of HMRC’s case
In Orchid Properties v HMRC (TC00614 – 3 August) a partnership acquired a property in 1996 and sold it in 2002. In its tax return it declared a capital gain on the sale and claimed business asset taper relief.
Following an enquiry into the return HMRC issued an amendment to the partnership’s self-assessment charging income tax on the basis that the sale was part of the partnership’s trading activities.
The partnership appealed. In HMRC’s Statement of Case for the hearing of the appeal it included an alternative contention that if the tribunal should find that the transaction was an investment activity the sale did not qualify for business asset taper relief.
The partnership applied for this part of the Case to be struck out contending that this argument had not been...
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If you do not subscribe but are a registered user, please enter your details in the following boxes: