“Horse play” – Tribunal concludes that racehorse ownership was a gamble and not a trade and rejects the taxpayer’s loss relief claim – RPC Tax Take

‘In recent years, there has been a seemingly unending string of cases relating to whether certain activities constitute trading. Ewan Leslie James McMorris v HMRC[1]is the latest case to consider the circumstances in which a taxpayer may deduct losses incurred from his other income under section 64, Income Tax Act 2007 (ITA).’

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RPC Tax Take, 13th February 2015

Source: www.rpc.co.uk