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Eclipse: trading revisited

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The First-tier Tribunal in Eclipse 35 has held that a film leasing partnership was not trading. The decision contains helpful reassurance for those who worried that the effect of the Samarkand case was that the trading status of finance leasing companies would be challenged. The most controversial element of the decision is likely to be the requirement that a business needs to contain just the right amount of speculative activity to be a trade.

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