Commentary

B5.216 Introduction to trading in land

Business tax
Business tax | Commentary

B5.216 Introduction to trading in land

Business tax | Commentary

What constitutes trading in land

B5.216 Introduction to trading in land

In Pearn v Miller1, a builder's foreman, who subsequently formed a company to carry on the business of a builder and contractor, bought seven properties, of which he sold four. The Special Commissioners decided that the difference between the purchase prices and the expenses on the one hand, and the sale prices on the other, was a profit taxable under Schedule D Case VI (miscellaneous profits not charged elsewhere). The court held, however, that the profits, if any, were not assessable under that Case, and were not assessable

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