Some land was purchased with the intension to hold it as an investment. No income was generated by the land, however, it did have planning permission. The land was sold latter following an unsolicited offer. As the transaction was far removed from the taxpayers normal activity (potato merchant) and was similar to an investment, it was not a trading profit. The transaction was not an adventure in the nature of a trade.
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/
No comments:
Post a Comment