Trade or business | Croner-i Tax and Accounting

Accounts bases

– see Accountancy principles and practices

Activities

Commentary – Quick Overview ¶5305

Advantages of trading/not trading

Commentary – Tax Reporter ¶200-575

Case Law – Property Dealing Co v HM Inspector of Taxes

Assessments

– see Assessments; Basis of assessment; Self-assessment

Author's publication of own work

Case Law – Salt v Fernandez (HMIT) (1997) Sp C 135

Badges

– see Badges of trade

Badges of trade

– see Badges of trade

Betting gains

Commentary – Tax Reporter ¶200-950

HMRC Guidance – BIM55701

Case Law – (1) A. GRAHAM, SENR. v. ARNOTT (H.M. INSPECTOR OF TAXES) (2) A. GRAHAM, JUNR. v. ARNOTT (H.M. INSPECTOR OF TAXES) (3) F.S. GRAHAM v. ARNOTT (H.M. INSPECTOR OF TAXES) ; (1) COOPER (H.M. INSPECTOR OF TAXES) v. STUBBS. (2) COOPER (H.M. INSPECTOR OF TAXES) v. STUBBS' EXECUTORS. ; Burdge v. Pyne (H.M. Inspector of Taxes) ; GRAHAM v. GREEN (H.M. INSPECTOR OF TAXES). ; Norman (H.M. Inspector of Taxes) v. Evans ; PARTRIDGE v. MALLANDAINE (Surveyor of Taxes).

Bitcoin

Commentary – Tax Reporter ¶200-960

British Olympic Association

Case Law – The British Olympic Association v Winter (HMIT) (1995) Sp C 28

Business expansion scheme

– see Business expansion scheme (BES)

Buying and selling shares

Commentary – Tax Reporter ¶200-850

HMRC Guidance – BIM56820 ; BIM56830 ; BIM56860

Case Law – Lewis Emanuel & Son, Ltd. v. White (H.M. Inspector of Taxes) Joseph I. Emanuel, Ltd. v. Southall (H.M. Inspector of Taxes) ; Salt v. Chamberlain (H.M. Inspector of Taxes)

Capital allowances

– see Capital allowances

Car boot sales

Commentary – Tax Reporter ¶200-940

HMRC Guidance – BIM22035

Carried on abroad

Income from

– see Foreign income

Loss relief

Commentary – Tax Reporter ¶261-500 ; Tax Reporter ¶261-800

Case Law – THE COMMISSIONERS OF INLAND REVENUE v. SCOTT ADAMSON ; Westward Television Ltd v. Hart (H.M. Inspector of Taxes)

Terminal loss relief

Commentary – Tax Reporter ¶262-300

Carried on through a branch/agency

– see Non-residents trading via UK branch or agency

Carrying on a trade, loss relief entitlement

Case Law – Agnew [2010] TC 00566

Cessation

– see Cessation of trade or business; Discontinuance of trade or business

Change in accounting basis

– see Change of accounting basis

Charge to tax

Basis of assessment

Commentary – Tax Reporter ¶200-200

Business reliefs

Commentary – Tax Reporter ¶205-000

Distinction between employment and self-employment

Commentary – Tax Reporter ¶200-300

Generally

Commentary – Tax Reporter ¶200-000 ; Tax Reporter ¶200-100

HMRC Rulings

Commentary – Tax Reporter ¶200-400

Inflation

Commentary – Tax Reporter ¶205-000

Legislation

Commentary – Tax Reporter ¶200-100

Priorities of charge

Commentary – Tax Reporter ¶200-130

Territorial scope

Commentary – Tax Reporter ¶200-150 ; Tax Reporter ¶293-000

Chargeable business receipts

– see Trading or business receipts

Charities

– see Charities

Commencement

– see Commencement of trade or business

Commencement on or after April 1994

Case Law – Mansell v. R & C Commrs (2006) Sp C 551

Commencement/continuance

– see Commencement of trade or business

Companies

– see Companies

Company making loans

Case Law – Stone & Temple Ltd v. Waters (HM Inspector of Taxes) and related appeal. [1994] BTC 465

Computation of profits

Cash basis for small businesses

Commentary – Quick Overview ¶5505

Generally

Commentary – Quick Overview ¶21025 ; Quick Overview ¶5500

Timing and nature of business results

Commentary – Quick Overview ¶5510

Dealing in land

Case Law – Chng Boon Huat v. Comptroller of Income Tax (Singapore). [1985] BTC 7

Decisions as to whether trade being carried on

Commentary – Tax Reporter ¶200-975

Case Law – Edwards (H.M. Inspector of Taxes) v. Bairstow & Harrison ; Lionel Simmons Properties Ltd. (in liquidation) and Others v. Commissioners of Inland Revenue ; Page v. Pogson (H.M. Inspector of Taxes) ; Taylor v. Good (H.M. Inspector of Taxes)

Deductions

– see Deductions

Discontinuance

– see Cessation of trade or business

Double taxation relief

– see Double taxation relief

EBay selling

Commentary – Tax Reporter ¶200-940

HMRC Guidance – BIM22035

Estates in administration

Commentary – Tax Reporter ¶365-675

Case Law – Moore (H.M. Inspector of Taxes) v. R.J. Mackenzie & Sons Ltd. Commissioners of Inland Revenue v. R.J. Mackenzie & Sons Ltd.

Exchange gains and losses

– see Foreign exchange gains and losses

Expenditure

– see Trading expenditure; Trading or business expenditure

Expenses

– see Expenses

Factual and legal findings

Commentary – Tax Reporter ¶200-975

Farming

– see Farming and market gardening

Foreign element

– see Foreign trade

Foreign exchange transactions

Case Law – Overseas Containers (Finance) Ltd. v. Stoker (H.M. Inspector of Taxes). [1989] BTC 153

Foreign income

– see Foreign income

Furnished holiday lettings

Commentary – Quick Overview ¶22350 ; Quick Overview ¶7350

Gifts of business assets

– see Gifts of business assets

Horse racing

Commentary – Tax Reporter ¶200-950

HMRC Guidance – BIM55701

Illegal activities

Commentary – Tax Reporter ¶200-925

Case Law – (1) SOUTHERN (H.M. INSPECTOR OF TAXES) v. A.B. (2) SOUTHERN (H.M. INSPECTOR OF TAXES) v. A.B., LTD. ; F.A. LINDSAY, A.E. WOODWARD AND W. HISCOX v. THE COMMISSIONERS OF INLAND REVENUE ; GRAHAM v. GREEN (H.M. INSPECTOR OF TAXES). ; MANN v. NASH (H.M. INSPECTOR OF TAXES). ; PARTRIDGE v. MALLANDAINE (Surveyor of Taxes). ; Rose v. Director of Assets Recovery Agency

Illegal trading

Commentary – Quick Overview ¶5355

Income

– see Trading income

Industrial buildings allowances

– see Industrial buildings allowances

Internet selling

Commentary – Tax Reporter ¶200-940

HMRC Guidance – BIM22035

Investment, distinction between

Commentary – Quick Overview ¶5310

Investments

Future purpose

Commentary – Tax Reporter ¶200-880

Case Law – Bank Line Ltd. v. Commissioners of Inland Revenue ; THE LIVERPOOL AND LONDON AND GLOBE INSURANCE COMPANY v. BENNETT (Surveyor of Taxes). BRICE (Surveyor of Taxes) v. THE OCEAN ACCIDENT AND GUARANTEE CORPORATION, LIMITED. BRICE (Surveyor of Taxes) v. THE NORTHERN ASSURANCE COMPANY.

Intention

Commentary – Tax Reporter ¶200-625

HMRC Guidance – BIM20210

Case Law – (1) COOPER (H.M. INSPECTOR OF TAXES) v. STUBBS. (2) COOPER (H.M. INSPECTOR OF TAXES) v. STUBBS' EXECUTORS. ; COMMISSIONERS OF INLAND REVENUE v. THE INCORPORATED COUNCIL OF LAW REPORTING. ; Commissioners of Inland Revenue v. Reinhold ; Lionel Simmons Properties Ltd. (in liquidation) and Others v. Commissioners of Inland Revenue ; Lupton (H.M. Inspector of Taxes) v. F.A. & A.B. Ltd. ; THE COMMISSIONERS OF INLAND REVENUE v. LIVINGSTON AND OTHERS. ; The British Olympic Association v Winter (HMIT)

Tax saving motive

Commentary – Tax Reporter ¶200-870

Case Law – Commissioners of Inland Revenue v. Reinhold ; Littlewoods Mail Order Stores Ltd. v. McGregor (H.M. Inspector of Taxes) Littlewoods Mail Order Stores Ltd. v. Commissioners of Inland Revenue ; N Ltd v HM Inspector of Taxes ; Rosemoor Investments v HM Inspector of Taxes

Trading stock, distinction between

Commentary – Tax Reporter ¶200-600

Case Law – J.P. Harrison (Watford), Ltd. v. Griffiths (H.M. Inspector of Taxes) ; Lionel Simmons Properties Ltd. (in liquidation) and Others v. Commissioners of Inland Revenue ; Lynch v Edmondson (HMIT) ; Sharkey (H.M. Inspector of Taxes) v. Wernher

Legal findings

Commentary – Tax Reporter ¶200-975

Letting furnished holiday accommodation

– see Furnished holiday lettings

Liability to tax

Commentary – Quick Overview ¶5200

Loans

– see Loans

Location of source of income, corporation tax pre-1 April 2009

Commentary – Tax Reporter ¶703-000

Case Law – OGILVIE v. KITTON (Surveyor of Taxes). ; THE IMPERIAL CONTINENTAL GAS ASSOCIATION – Appellant, and v. HENRY NICHOLSON (Surveyor of Taxes) – Respondent. ; TODD (H.M. INSPECTOR OF TAXES) v. THE EGYPTIAN DELTA LAND AND INVESTMENT COMPANY, LIMITED.

Losses

– see Trade loss relief

Major alteration in conduct, claim for stock relief

Case Law – Pobjoy Mint Ltd. v. Lane (H.M. Inspector of Taxes). [1984] BTC 174 ; Pobjoy Mint Ltd. v. Lane (H.M. Inspector of Taxes). [1985] BTC 138 ; Purchase (H.M. Inspector of Taxes) v. Tesco Stores Ltd. [1984] BTC 130

Meaning

Legislation/Regulatory – TMA70 s. 118(1)

Meaning of trade

Commentary – Tax Reporter ¶200-500

Case Law – (1) Ransom (H.M. Inspector of Taxes) v. Higgs Motley (H.M. Inspector of Taxes) v. Pickersgill and Another (Higgs's Settlement Trustees) (2) Kilmorie (Aldridge) Ltd. v. Dickinson (H.M. Inspector of Taxes) Dickinson (H.M. Inspector of Taxes) v. Downes Grant (H.M. Inspector of Taxes) v. Downes's 1962 Settlement Trustees ; Edwards (H.M. Inspector of Taxes) v. Bairstow & Harrison ; THE LIVERPOOL AND LONDON AND GLOBE INSURANCE COMPANY v. BENNETT (Surveyor of Taxes). BRICE (Surveyor of Taxes) v. THE OCEAN ACCIDENT AND GUARANTEE CORPORATION, LIMITED. BRICE (Surveyor of Taxes) v. THE NORTHERN ASSURANCE COMPANY.

Misdescription for purpose of assessments

Case Law – Bookey v. Rowlands (H.M. Inspector of Taxes). [1982] BTC 21

Mutual trading

Mutuality principle

Commentary – Quick Overview ¶5350

Nature of

Case Law – Ensign Tankers (Leasing) Ltd v. Stokes (HM Inspector of Taxes). [1991] BTC 74 ; Ensign Tankers (Leasing) Ltd v. Stokes (HM Inspector of Taxes). [1992] BTC 110 ; Ensign Tankers (Leasing) Ltd. v. Stokes (H.M. Inspector of Taxes). [1989] BTC 410 ; Kirkham v. Williams (H.M. Inspector of Taxes). [1989] BTC 120 ; Kirkham v. Williams (HM Inspector of Taxes). [1991] BTC 196

Non-residents with UK branch or agency

– see Non-residents with UK branch or agency

Offshore funds

– see Offshore funds

Partnerships

– see Partnerships

Personal representatives carrying on

Commentary – Tax Reporter ¶203-000

Persons carrying on a trade

– see Traders

Plant and machinery allowances

– see Plant and machinery allowances

Post-cessation receipts

– see Post-cessation receipts

Pre-trading expenditure

– see Pre-trading expenditure

Profits arising from, advance vehicle rental payments

Case Law – Tapemaze Ltd v Melluish (HM Inspector of Taxes). [2000] BTC 50

Profits chargeable to income tax

– see Trading profits

Profits computation

– see Trade profits

Prostitution, income from

Case Law – Inland Revenue Commissioners v. Aken. [1988] BTC 40 ; Inland Revenue Commissioners v. Aken. [1990] BTC 352

Purchase and sale of film rights

Commentary – Tax Reporter ¶200-970

Realisation of assets

Commentary – Quick Overview ¶5360

Receipts

– see Trading receipts; Trading or business receipts

Relevant income

Commentary – Quick Overview ¶5502

Relevant, meaning

Legislation/Regulatory – OTA75 s. 3(2)

Remediation of contaminated land

– see Remediation of contaminated or derelict land

Renovation and sale of property by builder

Case Law – Kirkby v. Hughes (HM Inspector of Taxes). [1993] BTC 52

Repairs or improvements to business premises

– see Repairs/improvements to business premises

Replacement of business assets

– see Replacement of business assets

Roll-over relief

– see Roll-over relief

Security assets and services used for personal physical security

– see Security

Self-assessment

– see Self-assessment

Shares, buying and selling

Commentary – Tax Reporter ¶200-850

HMRC Guidance – BIM56820 ; BIM56830 ; BIM56860

Case Law – Lewis Emanuel & Son, Ltd. v. White (H.M. Inspector of Taxes) Joseph I. Emanuel, Ltd. v. Southall (H.M. Inspector of Taxes) ; Salt v. Chamberlain (H.M. Inspector of Taxes)

Small businesses, voluntary simplified cash basis for income tax

Commentary – Quick Overview ¶5505

Sole traders

– see Sole traders

Starting

– see Commencement of trade or business

Status

Badges of trade

– see Badges of trade

Significance of

Commentary – Tax Reporter ¶200-575

Case Law – Property Dealing Co v HM Inspector of Taxes

Tax saving motive

Commentary – Tax Reporter ¶200-870

Statutory guidance

Commentary – Tax Reporter ¶200-500

Statutory trades

Commentary – Quick Overview ¶21015 ; Quick Overview ¶5305

Statutory trades, list

Commentary – Tax Reporter ¶201-000 ; Tax Reporter ¶300-010

Structured to produce capital

Commentary – Tax Reporter ¶200-870

Successions

– see Successions

Tax saving motive

Commentary – Tax Reporter ¶200-870

Trade, meaning

Commentary – Quick Overview ¶21010 ; Quick Overview ¶5300

Trading stock

– see Trading stock

Training

– see Education and training

Transfer

– see Transfer of business

Transfer of business to a company

Legislation/Regulatory – ESC D32 ; TCGA92 s. 162, 162A

Trustees carrying on

Commentary – Tax Reporter ¶203-000

Trustees' sub-underwriting business

Case Law – Clark (HM Inspector of Taxes) v British Telecom Pension Scheme Trustees & Ors. [2000] BTC 64

Value added tax

– see Value added tax (VAT)

Wholly and exclusively incurred expenditure

– see Deductions

Work in progress

Commentary – Quick Overview ¶5700