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26 August 2015
East Allenheads Estate Ltd (TC4513)
Mr H ran a grouse shooting operation which included high quality accommodation in a property next to one of the two moors.
In January 2005 Mr H the owner of the business decided to incorporate and transferred the moors but not the property into two companies one of them being the taxpayer.
He invested £6.5m for shares in the taxpayer in July 2007. Much of that sum was spent on additions and improvements to the property in which accommodation was provided to clients of the business including expensive antiques and art.
In March 2008 Mr H claimed enterprise investment scheme relief for the £6.5m. HMRC refused the claim on the grounds the taxpayer was not carrying on a qualifying trade and the money raised by the...
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