DEFINITION OF THE WORD 'BUSINESS'

摘要

The case of Mrs E M Ramsay v HMRC concerned a claim for roll-over relief on the transfer of Mrs Ramsay's letting business to a company as a going concern. Roll-over relief is available on the transfer of a 'business' as a going concern. However, while income from property lettings is described as a 'business' for income tax purposes, there is, in fact, no statutory definition for the word 'business'.