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An entrepreneurs’ relief dispute that may have income tax ramifications
KEY POINTS
- A car dealer ceased trading in one location and soon after started trading in another.
- Was this a cessation or continuation for tax purposes?
- The taxpayer’s capital gains tax and income tax treatments differed.
- The importance of interpreting the background facts.
- The income tax implications of the capital gains tax decision.
Many readers may be surprised that the outcome of a case before the First-tier Tribunal can be centred on straightforward issues. The two questions for the tribunal to address in Jeremy Rice (TC3273) were as follows:
Had the appellant – a car dealer operating as a sole trader – ceased to carry on his business and later started a new business or had he simply moved an established business to new premises?
If one business had ceased and...
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