Farming losses: restriction on sideways loss relief – HMRC win in the Upper Tribunal
The UT has found for HMRC in its appeal in HMRC v. Naghshineh  UKUT 0030 (TCC). Reversing the decision of the FTT, the UT confirmed that the approach to the “reasonable expectation of profit test” in s.68(3)(b) ITA 2007 propounded in Scambler and other v. HMRC  UKUT 1 (TCC) was correct.
Marika Lemos appeared for HMRC.
For a full copy of the judgment click here.Back to News
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