The following Tax Q&A provides comprehensive and up to date legal information covering:
This Q&A considers whether exploitation of intellectual property (IP) can be a trading activity so that it is a ‘trading company’ for the purposes of determining whether a disposal is a material disposal for entrepreneurs’ relief. Details of the trading test and when it applies are found in Practice Note: CGT—business asset disposal relief (formerly entrepreneurs' relief).
A company is a trading company under section 165A(3) of the Taxation of Chargeable Gains Act 1992 (TCGA 1992) if it is carrying on trading activities whose activities do not include to a substantial extent activities other than trading activities.
Trading activities are defined as, among other things, activities carried on in the course of or for the purposes of a trading being carried on by it. The other elements of trading activities relate to preparing or starting to carry on a trade or acquire a company carrying on a trade and are not considered further in this Q&A.
Trade is defined in TCGA 1992, s 165A(14) as anything which:
is a trade, profession or
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Express and implied contractual terms distinguishedContractual terms may be either express or implied:•express terms—are terms which are actually recorded in a written contract or openly expressed in an oral contract at the time the contract is made (or there may be a combination of written and oral
When is quantum meruit and quantum valebat relevant?Claims in quantum meruit (value of services) and quantum valebat (value of goods) arise in diverse situations ranging from where contractual terms are silent on issues of payment to where there is no contract at all (Serck v Drake & Scull).General
This Practice Note provides guidance on claims for ‘use and occupation’ or mesne profits, and how and when double rent or double value can be claimed.Claims for use and occupationA claim for use and occupation is possible where there is occupation of land without an express agreement fixing the
This Practice Note considers the doctrine of forum non conveniens, also referred to as the appropriate forum or the proper place for a dispute to be determined. This doctrine is of relevance when determining whether the courts of England and Wales have jurisdiction to hear a dispute and is applied
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