In PG Donaghy v HMRC (Upper Tribunal – 11 May) a farmer (D) made a trading profit of £20 244 in 2005/06 and a trading loss of £10 315 in 2006/07. He claimed that the profit of these two years should be averaged under ITTOIA 2005 s 221. HMRC issued a ruling that the result of this claim was that D had taxable profits of £10 122 for 2005/06 and that £10 122 of the trading loss could be set against the averaged profit of £10 122 for 2006/07 leaving a small loss of £193 to be carried forward to 2007/08. D appealed contending that as his total profit for the two years had been £9 929 he should be treated as having a taxable profit of £4 964.50 for each of 2005/06 and 2006/07. The Upper Tribunal...
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In PG Donaghy v HMRC (Upper Tribunal – 11 May) a farmer (D) made a trading profit of £20 244 in 2005/06 and a trading loss of £10 315 in 2006/07. He claimed that the profit of these two years should be averaged under ITTOIA 2005 s 221. HMRC issued a ruling that the result of this claim was that D had taxable profits of £10 122 for 2005/06 and that £10 122 of the trading loss could be set against the averaged profit of £10 122 for 2006/07 leaving a small loss of £193 to be carried forward to 2007/08. D appealed contending that as his total profit for the two years had been £9 929 he should be treated as having a taxable profit of £4 964.50 for each of 2005/06 and 2006/07. The Upper Tribunal...
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Exception occured while executing the controller. Check error logs for details.
Exception occured while executing the controller. Check error logs for details.Exception occured while executing the controller. Check error logs for details.
