Gill v Revenue and Customs (INCOME TAX/CORPORATION TAX : losses arising from individual dealing) [2018] UKFTT 245 (TC) (01 May 2018)

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, carried out on a commercial basis and with a view to realisation of profits, satisfying the requirements of s.66 ITA 2007 for loss relief. The appeal was allowed.

Citation
[2018] UKFTT 245 (TC)
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, Loss Relief, Trading Status, Commercial Basis, Profit Motive
Tax Law Income Tax Corporation Tax Loss Relief Trading Status Commercial Basis Profit Motive

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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. 1 Whether Mr Gill was trading in financial instruments and securities
  2. 2 Whether trading was on a commercial basis
  3. 3 Whether trading was with a view to realisation of profits as required by s.66 ITA 2007

Ratio Decidendi

Mr Gill’s activities constituted trading in financial instruments and securities, carried out on a commercial basis and with a view to realisation of 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 appellant’s reasonable costs of the application to exclude evidence