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In the 1993 the taxpayer built a house on some land and incorporated a company (B) to manage his deer farming and surveying businesses.
A short while later the deer farming operation was halted and B after becoming dormant was struck off. The deer remained on the taxpayer’s land and in 1999 he restarted the deer farming business. Between 1999 and 2004 this made no profits so the taxpayer continued as a surveyor.
In 2004 the deer escaped which led to the taxpayer having to close the business. He moved out of the house and sold it in 2006.
In his 1999/2000 tax return the taxpayer declared income of £35 000 from his employer but in the return for the following year he gave a different employer and failed to specify any income. He stated he was...
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