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Inland Revenue Commissioners v Livingston: 1927

Lord Clyde said: ‘I think the test, which must be used to determine whether a venture such as we are now considering is or is not, ‘in the nature of trade’, is whether the operations involved in it are of the same kind, and carried on in the same way, as those which are characteristic of ordinary trading in the line of business in which the venture was made.’

Lord Clyde
(1927) 11 Tax Cas 538
England and Wales
Cited by:
CitedLeeming v Jones (Inspector of Taxes) HL 1930
The case established the principle that the profit from a single transaction of a purchase and sale of property was taxable only if it amounts to a trade and if not does not fall within Case VI. The making of a profit on an isolated transaction of . .

Lists of cited by and citing cases may be incomplete.

Income Tax

Updated: 01 January 2022; Ref: scu.235906

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