Chancery Division.

Ferris J.

Judgment delivered 11 December 1992.

Income tax – Trading – Builder bought and renovated house sold for a profit – Transaction was similar to others carried out in the course of trade – Whether trading venture or acquisition of capital asset.

  This was an appeal by the taxpayer against a decision of the general commissioners for Wirrall that the profit realised on the sale of a property which had been purchased by the taxpayer and sold after he had renovated it was to be taxed as income of the taxpayer’s trade as a building contractor.

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