69. Meanings of 'trade', 'profession' and 'vocation'.

A trade includes a venture in the nature of trade1. Whilst the meaning of trading is a question of law, the determination as to whether a taxpayer is trading or not is a question of fact. An appellate court is unlikely to disturb a decision of the tribunals on whether a taxpayer is trading unless 'the facts found are such that no person acting judicially and properly instructed as to the relevant law could have come to the determination under appeal'2.

The question of whether a taxpayer has engaged in a trade or a venture in the nature of trade