Relief for farming losses
Relief for farming losses
- 2004
- Farm Tax Brief 19(5) June 2004, 5-6(2) .
Describes the situation in the case "Walsh and another v Taylor (HMIT)", ([2004] STC (SCD) 48) where a farm was run on a commercial basis but not so that profits could reasonably be expected to be realised within the period set out in the hobby farming provisions of the Corporation Taxes Act 1988 s397 or within a reasonable period thereafter. Consequently loss relief under the Income and Corporation Taxes Act 1988 s381 was not available.
WALSH AND ANOTHER V TAYLOR (HMIT)
FARMING BUSINESS
HOBBY FARMING
INCOME AND CORPORATION TAXES ACT 1988
Describes the situation in the case "Walsh and another v Taylor (HMIT)", ([2004] STC (SCD) 48) where a farm was run on a commercial basis but not so that profits could reasonably be expected to be realised within the period set out in the hobby farming provisions of the Corporation Taxes Act 1988 s397 or within a reasonable period thereafter. Consequently loss relief under the Income and Corporation Taxes Act 1988 s381 was not available.
WALSH AND ANOTHER V TAYLOR (HMIT)
FARMING BUSINESS
HOBBY FARMING
INCOME AND CORPORATION TAXES ACT 1988