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Jeremy Rice v HMRC

In Jeremy Rice v HMRC (TC03273 – 29 January 2014) the issue was whether entrepreneurs’ relief (TCGA 1992 s 169I) was available on the disposal of business premises situated on Fletton Avenue a busy main road in Peterborough.

Mr Rice sold used sports cars. From 2005 as a result of problems with vandalism he had ceased trading at Fletton Avenue and had started selling used cars at premises near his home in a country village. He eventually sold the premises at Fletton Avenue in April 2008.

Because of space and planning restrictions at the new premises Mr Rice had to change the way he operated his business. He no longer relied on passers-by (and no longer exhibited cars on his forecourt) but advertised extensively on the internet. He also only sold family cars.

The tribunal therefore had to decide whether the business which...

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