'There's no business' means tax relief

Article by Keith M Gordon, barrister, chartered accountant and tax adviser. Article by Simon Wilks and Ray McCann. This article appeared in the June 2006 issue of Tax Adviser.
The High Court's recent decision in HMRC v Salaried Persons Postal Loans Limited concerned a company whose only financial activity was receiving a rental cheque twice yearly. The Court had to determine whether the company was carrying on a business for the purposes of the 'associated company' test in ICTA 1988 s13.

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June 2006 by Keith M Gordon