I have always thought that a trade commences when the first sale invoice is issued, regardless of the date expenses are incurred prior to the issue of the first sale invoice.
In almost all cases I have dealt with , the time lag between the incurrence of the first cost and the issue of the first sale invoice has been so insignificant that this question has not presented a problem.
Now, I have a client who is buiding and selling a property and it is important to determine the date of commencement of the trade as it will have impact on Taper relief rate.
Would somebody shed some light as to the definition of date commencement of trade.
many thanks
mahmud
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trade Starts
when the land is purchased.
I don't understand your reference to taper relief unless you are dealing with a shareholding in a limited company that was disposed of before 6.4.08.and the development commenced at least 2 years before disposal.