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The taxpayer claimed relief for capital losses (TCGA 1992 s 253(4)) as a result of being called on to make a payment under a personal guarantee to a bank for a loan to Altala Group Ltd. The loan had been used by Altala to set up a healthcare lottery business. The issue before the First-tier Tribunal was whether the company had begun trading. It was agreed that the relevant tests for this were outlined by the Special Commissioner in Mansell (SpC 551).
The judge said it was clear from the facts that Altala had established a structure for the trade. It had produced play cards had dealings with retailers engaged third parties for advertising and marketing created and tested IT systems and sales infrastructure and bought lottery ball machines.
On whether operations had begun the judge said it was clear from the Special Commissioner’s decision in...
