Roulette V2 Charters Llp v Revenue and Customs (Income Tax – Loss Relief – Loss In A Trade): FTTTx 15 Aug 2019

INCOME TAX – loss relief – loss in a trade – whether yacht chartering trade carried on on a commercial basis and with a view to the realisation of profits for the purposes of Section 66 of the Income Tax Act 2007 – held that the Appellant intended to realise profits (so that the condition in Section 66(2)(b) was met) but that the prospects of profits were so remote that the trade could not be said to have been carried on on a commercial basis for the purposes of Section 66(2)(a) – appeal dismissed

Citations:

[2019] UKFTT 537 (TC), [2020] SFTD 23

Links:

Bailii

Jurisdiction:

England and Wales

Income Tax

Updated: 28 October 2022; Ref: scu.641352