17 January 2007
Our clients have set up a limited company with a principal activity of 'investing' in futures, options and currency for short term gain. We are of the opinion that this is not a valid trade and amounts to speculation/gambling and is thus outside the scope of corporation tax. Furthermore, as the trade is to be treated as exempt, we are of the opinion that this company should not be taken into account when considering associated companies under common control.
Do Taxation readers agree with this treatment?
Query T16,943 — R.C.
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