A taxpayer’s claim for trading loss relief for losses arising on share dealing was rejected by the FTT (Henderson v HMRC [2023] UKFTT 281 (TC)):
“Standing back, to look at the picture overall, we consider that the activities do not amount to a trade in dealing in shares.”
And:
“We therefore conclude that Mr Henderson was not undertaking a trade. We consider that he was managing a portfolio of personal investments, albeit for growth rather than income. It was submitted that Mr Henderson was not managing a portfolio as he did not seek dividend income from the shares and received very little dividend income. However, we consider that a portfolio may be managed for growth as well as, or instead of, income. The fact that growth, rather than dividend income, is sought does not mean that the activity becomes one of trading.”
https://www.bailii.org/uk/cases/UKFTT/TC/2023/TC08755.html
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