Chapter BIM60085
| Published date | 22 November 2013 |
| Record Number | BIM60085 |
S26 Income Tax (Trading and Other Income) Act 2005, S47 Corporation Tax Act 2009
There may be periods when there is a slump in the property market.
In these circumstances a one off transaction may give rise to a loss. You may be faced with an argument, from a person who is not a land dealer, that the transaction was a trading transaction and the loss is relievable as a trading loss.
The same principles have to be used in determining the character of loss making transactions as profitable ones. Once again the final question is whether the transaction could fairly be described as a ‘deal or an investment’ (Marson v Morton and Others [1986] 59TC381), albeit, in the latter case, an investment which went wrong. The key issue is the intention of the...
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