In C Lucy v HMRC [2016] UKFTT 85 (9 February 2016) the FTT found that the taxpayer had not carried on a trade on a commercial basis.
Mr Lucy claimed to have traded in car hire and as a trader in foreign exchange and commodities. He had incurred losses and the issue was whether he had carried on a trade commercially (ITA 2007 s 66).
In relation to car hire the FTT found that the letting of his car for one wedding together with its use as a prop by Pinewood Studios over several months had constituted a trade. However the loss making nature of Mr Lucy’s arrangement with Pinewood Studios and the absence of any other wedding lettings in the period suggested that his trade was casual and not on a commercial basis....
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In C Lucy v HMRC [2016] UKFTT 85 (9 February 2016) the FTT found that the taxpayer had not carried on a trade on a commercial basis.
Mr Lucy claimed to have traded in car hire and as a trader in foreign exchange and commodities. He had incurred losses and the issue was whether he had carried on a trade commercially (ITA 2007 s 66).
In relation to car hire the FTT found that the letting of his car for one wedding together with its use as a prop by Pinewood Studios over several months had constituted a trade. However the loss making nature of Mr Lucy’s arrangement with Pinewood Studios and the absence of any other wedding lettings in the period suggested that his trade was casual and not on a commercial basis....
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")