DISCOVERY ASSESSMENT – the Appellant mistakenly claimed business taper relief in respect of a chargeable gain on a disposal of land which had been previously let for the growing of grass for silage for a term of less than 365 days – the mistake resulted in the Appellant’s self assessment for tax in 2004/05 being insufficient – the Appellant accepted that the letting was farmed by the tenant – the Appellant argued that the 2004/05 return was made in accordance with the prevailing practice at the time – No persuasive evidence of a prevailing practice which treated short term lettings for the growing of grass as a trade where the owner did not occupy the land wholly or mainly for the purpose of farming – Appeal dismissed – assessment confirmed.
Citations:
[2011] UKFTT 121 (TC)
Links:
Jurisdiction:
England and Wales
Capital Gains Tax
Updated: 30 January 2022; Ref: scu.442861