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Orchid Properties v HMRC (No. 2)

Withdrawal of appeal

In Orchid Properties v HMRC (No. 2) (TC02323 – 30 October) a partnership (OP) 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 OP’s self-assessment charging income tax on the basis that the sale was part of OP’s trading activities. OP appealed. In HMRC’s Statement of Case for the hearing of the appeal they 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. OP applied for this part of the Case to be struck out contending that this argument had not been referred to in HMRC’s original closure notice.

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