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Cutting losses
Key points
- The First-tier Tribunal allowed sideways loss relief claims for a farming business making losses for 17 years – overturned in the Upper Tribunal.
- The Court of Appeal considered the overriding issue to be the proper construction of ITA 2007 s 68(3)(b).
- It upheld the Upper Tribunal’s decision saying the First-tier Tribunal misinterpreted the test in s 68(3)(b).
- HMRC needs to create guidance on taxing the environmental land management scheme and how it will affect claims for sideways loss relief.
A recent Court of Appeal judgment Ardeshir Naghshineh v CRC [2022] EWCA Civ 19 is of huge importance for the farming industry and those farmers making continued losses from the actual farming operation. The judgment on 13 January 2022 comes at a time when the farming industry is going through significant change and is faced with much uncertainty. It is ironic that the findings of the case...
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