A person’s intention is not set in stone. While the motive for buying a property is normally ascertained at the time of acquisition, it is always possible for the owner to change his mind:

‘For the taxpayer a non-trading inception may be a valuable asset: but it is no palladium. The proposition that an initial intention not to trade may be displaced by a subsequent intention, in the course of the ownership of the property in question is, I think, sufficiently established by Mitchell Bros v Tomlinson (HMIT) (1957) 37 TC 224 ...’ (Taylor v Good (HMIT) (1974) 49 TC 277, per Megarry J at p. 287)

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.