https://www.taxtmi.com/caselaws?id=287034 To qualify for first-year allowances under section 41(1) of the Finance Act 1971, the taxpayer had to be carrying on a trade and the expenditure had to be incurred for a trading purpose. The Court of Appeal stated that whether a transaction is trading is a question of fact assessed by looking at the arrangement as a whole: commercial form alone is insufficient if the real purpose is to obtain a fiscal advantage. Where the objective features are equivocal, the subjective intention of the relevant taxpayer or partnership is admissible and may be decisive. The commissioners were entitled to treat the partnership's intentions, as inferred from its partners and controllers, as relevant to whether the partnership had a commercial purpose. en-us Wed, 30 Jan 1991 00:00:00 +0530 Wed, 25 Mar 2020 18:13:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287034 To qualify for first-year allowances under section 41(1) of the Finance Act 1971, the taxpayer had to be carrying on a trade and the expenditure had to be incurred for a trading purpose. The Court of Appeal stated that whether a transaction is trading is a question of fact assessed by looking at the arrangement as a whole: commercial form alone is insufficient if the real purpose is to obtain a fiscal advantage. Where the objective features are equivocal, the subjective intention of the relevant taxpayer or partnership is admissible and may be decisive. The commissioners were entitled to treat the partnership's intentions, as inferred from its partners and controllers, as relevant to whether the partnership had a commercial purpose. Case-Laws Income Tax Wed, 30 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287034