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CRC v Stolkin, Upper Tribunal (Tax and Chancery Chamber)
The taxpayer sold some properties in 2005/06. Two had been used for both business and non-business purposes while the rest had been used only for either business or non-business.
The taxpayer claimed enterprise investment scheme (EIS) relief and asked it be divided between the gains on the non-business properties and the non-business parts of the mixed use assets.
He wished to apply the relief against the full amounts of the non-business gains on the two mixed-use properties and apply taper relief to the remaining business gains after the balance of the EIS relief had been used.
HMRC said the relief could be used only against the whole gain of a single asset and could not be apportioned in the way proposed.
The First-tier Tribunal (FTT) allowed the taxpayer’s appeal. The Revenue appealed.
The Upper Tribunal said the FTT was wrong to decide the deeming provisions in TCGA 1992...
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