Members of a wine syndicate joined in a separate syndicate to purchase brandy from South Africa. Some was shipped to the East with the remainder being sent to London to be blended with French Brandy, re-cask it and sell it in numerous lots was all part of the evidence on which the Commissioners were entitled to find that a trade was carried on. The taxpayer tried to argue that the transaction was of a capital nature from the sale of an investment. It was held that a trade or business was carried on and was assessable as a trading profit.
Kindly noted that the above information sources from :
http://www.acca.co.uk/uk/members/technical/advice_support/tax/cases/
Kindly noted that the above information sources from :
http://www.acca.co.uk/uk/members/technical/advice_support/tax/cases/
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