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The appellant was a director and chairman of Weatherwise (UK) Ltd a wholly owned subsidiary of Openshield Ltd of which the appellant owned 50%.
The appellant obtained a personal loan for C$3 million from Arbitrage Research and Trading Ltd which he loaned on to Weatherwise. He then claimed relief under TA 1988 s 353 on the loan interest paid to Arbitrage.
HMRC refused the claim.
The issue was whether the loan interest paid by the appellant was eligible for relief. Fundamentally it was the definition of ‘business’ that was crucial.
The tribunal ‘took into account the wide interpretation often given to the term business’ and subsequently decided under s 360(1)(b) that it was ‘a trade’.
Applying the legislation to the facts of the case the tribunal decided the appellant had used...
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