2.3.1 When does a trade cease?

According to HMRC’s guidance (BIM 80565), a business ends when it ‘permanently ceases to carry on a trade’. This is usually when it is no longer open for business, even if the owner has a hope or expectation that it will continue (Marriott v Lane). If a trade continues even after a decision has been made to wind it up, then the trade has not permanently ceased (O’Kane).

A doctor who had been removed from the register of medical practitioners had ceased to trade at the date of his removal, despite taking court proceedings to try to have his removal overturned (Bhadra).

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