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J Carver (TC4362)
The taxpayer was a Lloyds’ underwriter that participated in several syndicates. He disposed of his capacity in one of the syndicates in 2009/10 and claimed entrepreneurs’ relief under TCGA 1992 s 169H on the basis it constituted the sale of part of his firm.
HMRC rejected the claim saying the taxpayer had disposed of an asset used in his business.
The matter came before the First-tier Tribunal which said the capital gains tax treatment of a Lloyd’s business could not be intended by parliament to “diverge conceptually from its treatment for income tax” which was treated as income from a single source.
On this basis the taxpayer carried out a single trade regardless of how many syndicates he was a member. The capacity to take part in a syndicate’s business was not the trade but a means by which the trade was...
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