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The taxpayer a retired surgeon used capital he accumulated over years to play the stock market. He took advice from a broker but was in control of his portfolio of shares. For the years ended 5 April 2007 and 2008 he made losses of £28 289 and £26 520 respectively which he sought to offset against his general income.
He argued that the share transactions constituted a trade for the purposes of TA 1988 s 380(1) now ITA 2007 s 64(1). HMRC did not allow the claim saying the transactions were not those of a trade.
The taxpayer appealed.
The First-tier Tribunal concluded that the taxpayer decided to trade in shares to augment his retirement income. This activity related to the management...
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