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Glapwell Football Club Ltd v HMRC

In Glapwell Football Club Ltd v HMRC (TC02904 – 14 October) a company (G) which operated a football club submitted returns claiming losses which it claimed to surrender to its holding company. HMRC issued discovery determinations refusing the claims on the grounds that G’s business had not been carried on ‘so as to afford a reasonable expectation of gain’ within what is now CTA 2010 s 44. The First-tier Tribunal reviewed the evidence in detail and dismissed G’s appeal. Judge Walters observed that the directors’ report had ‘indicated that the accounts had been prepared on a going concern basis only by reference to the directors’ and shareholders’ indication of their intention to continue to support the club’.

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Why it matters: CTA 2010 s 44 provides that relief under CTA 2010 s 37 is not available for a trading loss unless ‘the trade...

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