Term
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Definition
| Tax is applied on profits from trading profession or vocation |
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Term
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Definition
| Residents in UK taxed irrespective of where they trade, but non-uk residents only taxed on trade carried out in UK |
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Term
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Definition
| all profits are charged except those which are covered by CGT. |
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Term
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Definition
| Definition of Trade includes "venture in the nature of trade" |
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Term
| Law commission Report Case |
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Definition
| The LCR traded with law reports but for a non profitable purpose. it was held that the purpose did not matter as long as it was trade. |
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Term
| NY Life Insurace Co v Styles |
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Definition
| principle of Mutual trading dictates that on cannot trade with oneself. |
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Term
| Ensign Tankers Ltd. v Stokes |
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Definition
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Term
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Definition
| where there is doubts as to whether there is a trade or not then a fiscal intention becomes important. |
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Term
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Definition
| The revenue sought to tax fruit machine which was illegal under gaming rule. it was held that the revenue was allowed to tax because tax law is not moral |
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Term
| 5 things which may make transaction into an adventure in the nature of trade |
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Definition
1) Subject Matter
2) Time gap
3) repetition
4)commercial process
5)reason for sale |
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Term
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Definition
taxpayer bought £1000 worth of toilet paper from a bankrupt german company,and then sold it for £12000. the revenue sought to tax that profit.
held that this was taxable profit! because of the large scale of the goods. |
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Term
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Definition
The taxpayer bought and sold 4 houses in succession, making profit. the revenue seeked to tax this profit.
held: This was not trade because of the nature of land is such that it is easily justifiable. |
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Term
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Definition
the sterling was deteriorating so in order to prevent the money devaluing the tax payer bought silver and then 2 months later sold it for a profit.
held: the profit was taxable because of the short duration of the transaction. |
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Term
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Definition
TP bought a house for £5000 and sold it with planning permission for £54000.
held: not charged. |
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Term
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Definition
cotton mill bought and sold 4 times.
taxable because continuity. |
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Term
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Definition
| physical process of altering the brandy therefore this was trade. |
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Term
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Definition
| profit has to be decided for a tax year, accounts for a year is used with the exception of new business 2 years and 7 years for barrister. |
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Term
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Definition
| general accounting party. |
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Term
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Definition
| Jetty case, Income is taxed but capital is not taxed. |
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Term
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Definition
tp (g) leasehold rights to extract minerals from underneath railway tracks they won compensation. revenue: this was a capital receipt. G argued payment was for a loss of profit.
held: sum was a capital receipt as the company was being compensated for the right to mine. |
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Term
| Burmah Steam Shipping Corp |
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Definition
Co. sent ship to overhault, the repairs took 2 weeks had to be made.
held: this was for the loss of profit. |
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