Agnew v Revenue & Customs [2010] UKFTT 272 (TC) (14 June 2010)

Agnew v Revenue & Customs [2010] UKFTT 272 (TC) (14 June 2010)

The appellant did not carry on a trade at any relevant time; if he did, it was not on a commercial basis or with a view to profit, so no losses are eligible for relief. The assessment for 2003-04 must be discharged as HMRC was already aware of the relevant facts, but assessments for subsequent years are upheld as HMRC was not so aware.

Citation
[2010] UKFTT 272
Parties
Appellant: John Cree Locke Agnew; Respondents: The Commissioners for Her Majesty’s Revenue and Customs
Jurisdiction
United Kingdom
Judgment Date
14 June 2010
Procedural Posture
Tax Appeal / First Tier Tribunal (tax) Decision
Outcome
Appeal allowed in part; dismissed in part.
Legal Topics
Income Tax, Corporation Tax, Loss Relief, Discovery Assessments, Commercial Basis of Trade
Tax Law Income Tax Corporation Tax Loss Relief Discovery Assessments Commercial Basis of Trade

Case Brief

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Parties

John Cree Locke Agnew

Appellant

The Commissioners for Her Majesty’s Revenue and Customs

Respondents

Procedural Posture

Tax Appeal / First Tier Tribunal (tax) Decision

Legal Issues

  1. 1 Whether the appellant was carrying on a trade
  2. 2 Whether any such trade was carried on on a commercial basis or was commercial within the meaning of the relevant statutes
  3. 3 Whether HMRC was barred from raising discovery assessments due to information previously supplied

Ratio Decidendi

The appellant did not carry on a trade at any relevant time; if he did, it was not on a commercial basis or with a view to profit, so no losses are eligible for relief. The assessment for 2003-04 must be discharged as HMRC was already aware of the relevant facts, but assessments for subsequent years are upheld as HMRC was not so aware.

Court Disposition

Appeal allowed in part; dismissed in part.

Orders

  • Assessment for 2003-04 discharged.
  • Assessments for 2004-05, 2005-06, and amendments for 2006-07, 2007-08, and 2008-09 upheld.