[2014] UKFTT 1116 (TC)

Judge Kevin Poole, Mr Julian Sims FCA CTA

Decision released 29 December 2014

Income tax – Loss relief under Income Tax Act 2007 (‘ITA 2007’), s. 64 – Restriction of relief under ITA 2007, s. 66 – Appellant purchased half share of racehorse and paid half the costs of training with a view to selling it later at a profit – Whether this activity amounted to a trade – No – Whether restriction on relief in ITA 2007, s. 66 would have applied in any event – Yes – Appeal dismissed.

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.