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Buying land for resale in a company.

Buying land for resale in a company.

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Is this a "trade" for tax purposes - especially where it buys some additional adjacentland borrowing money to do so?

What are disadvantages of it being classed other than a trading company?
Kevin Salter

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By AnonymousUser
01st Oct 2004 10:47

yes

It is apparently an adventure in the nature of trade and will be taxable accordingly.

If it were not a trade then interest relief on the borrowings would not be tax deductible.

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