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Shedding light on the workings of the restriction for sideways relief of farming losses
KEY POINTS
- ITA 2007 s 67 restricts the sideways relief of farming losses when losses have arisen in the previous five years.
- Determining when farming started and whether there had been a break in activities.
- The “slightly odd” wording of ITA 2007 s 68(3).
- Comparing a notional competent farmer with the taxpayer.
- ITA 2007 s 68(3) should be interpreted to give a coherent result.
It’s not every day that we see a First-tier Tribunal report starting with the words “this was an interesting case”. Perhaps the tribunal judges become so inured to dealing with interminable penalty appeals that something which tackles the more fundamental and technical principles of tax arrives as a joyful interlude.
Such apparently was the situation in CJ & MA French v HMRC...
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