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Existence of a trade in transactions

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Focus on trade

As we continue into 2023 there are many First-tier Tribunal cases from 2022 where the need to establish a business or there being a trade in existence are of prime importance for a number of tax reliefs. Indeed the decision in Haymarket Media Group Ltd (TC8495) which was about the transfer of a going concern (TOGC) for VAT highlights the importance of a business as opposed to just assets.

In his excellent article on that case ‘Caution in correspondence!’ (Taxation 9 February 2023) Kevin Hall focused on the generic need for care with client/adviser communication. Here we will look at why although Haymarket Media Group concerned a publishing company the case is of broad importance for farming.

Existence of a business

The question of business or charity ties into the recent VAT case of Paradise Wildlife Park (TC8729) which featured...

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