FTTTx Income tax – loss relief claimed from sole trader film distribution activity. Issues arising: (1) Was the Appellant carrying on a trade; (2) Was business carried on on a commercial basis; (3) Was business carried on with a view to the realisation/reasonable expectation of profit; (4) Were the profits calculated in accordance with GAAP; (5) What would profits calculated in accordance with GAAP have been; (6) Was the expenditure incurred wholly and exclusively for the business.
Citations:
[2013] UKFTT 178 (TC)
Links:
Income Tax
Updated: 14 November 2022; Ref: scu.472398