Tamzin Eyre & Ors v The Commissioners for HMRC
| Judge | Mr Duncan |
| Judgment Date | 22 May 2025 |
| Neutral Citation | [2025] UKFTT 566 (TC) |
| Year | 2025 |
| Court | First-tier Tribunal (Tax Chamber) |
| Counsel | Ms Rebecca Sheldon,For |
| Date | 22 May 2025 |
Neutral Citation: [2025] UKFTT 00566 (TC)
Case Number: TC09530
FIRST-TIER TRIBUNAL
TAX CHAMBER
Taylor House
Appeal reference: TC/2024/02905; TC/2024/02906; TC/2024/02907
CAPITAL GAINS TAX – entrepreneurs’ relief – disposals of shares in a company holding
propertyandseekingplanning permission for the re–development of that property into
residential and commercial spaces – whether, throughout the period of one year before the
disposals, the company in question was a “trading company”, which is to say a company
carrying on trading activities whose activities did not include to a substantial extent
activities other than trading activities – held that, in taking steps to obtainplanning
permission, the company was carrying on activities for the purposes of a trade that it was
preparing to carry on or with a view to starting a trade and that it was therefore carrying on
“trading activities”, as defined, but that its substantial non–trading assets, the fact that its
only income was investment income and the fact that a meaningful part of the re–developed
property would include commercial space to be let out for investment income meant that its
activities included to a substantial extent activities other than trading activities –
accordingly, the company was not a “trading company” throughout the relevant period and
entrepreneurs’ relief was not available for the disposals – appeals dismissed
Heard on: 6 May, 2025
Judgment date: 22 May 2025
Before
TRIBUNAL JUDGE TONY BEARE
MR DUNCAN MCBRIDE
Between
MRS TAMZIN EYRE
MRS ZAYNE MACLEOD
MR CONRAD PHOENIX
Appellants
and
THE COMMISSIONERS FOR HIS MAJESTY’S REVENUE AND CUSTOMS
Respondents
Representation:
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