Gill v Revenue and Customs (INCOME TAX/CORPORATION TAX : losses arising from individual dealing) [2018] UKFTT 245 (TC) (01 May 2018)
Mr Gill’s activities constituted trading in financial instruments and securities, conducted on a commercial basis and with a view to profits, satisfying the requirements of s.66 ITA 2007 for loss relief. The appeal was allowed.
- Citation
- [2018] UKFTT 245
- Parties
- Appellant: Rajesh Gill; Respondents: The Commissioners for Her Majesty’s Revenue & Customs
- Jurisdiction
- United Kingdom
- Judgment Date
- 01 May 2018
- Procedural Posture
- Income Tax Appeal / Final Judgment After Substantive Hearing
- Outcome
- Appeal allowed
- Legal Topics
- Income Tax, Corporation Tax, Trading Losses, Commercial Trading, Loss Relief
Case Brief
Summary, issues, holding and outcome
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Parties
Rajesh Gill
Appellant
The Commissioners for Her Majesty’s Revenue & Customs
Respondents
Procedural Posture
Income Tax Appeal / Final Judgment After Substantive Hearing
Legal Issues
- 1 Whether Mr Gill was trading in financial instruments and securities
- 2 Whether trading was on a commercial basis
- 3 Whether trading was with a view to profits as required by s.66 ITA 2007
Ratio Decidendi
Mr Gill’s activities constituted trading in financial instruments and securities, conducted on a commercial basis and with a view to profits, satisfying the requirements of s.66 ITA 2007 for loss relief. The appeal was allowed.
Court Disposition
Appeal allowed
Orders
- HMRC’s late-disclosed materials excluded from evidence
- HMRC to bear reasonable costs of appellant’s application regarding evidence exclusion
Full Case Text
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