I have a question that even my accounting body did not want (or couldn't) answer!
A new client runs an incorporated investment company. It collects dividends and interest and makes profits/losses from dealing in shares and UTs
I have heard that for investment company the shares it holds are viewed as 'stock' and so any profit on transactions are treated as such and subject to corporation tax, whilst I have also heard that they are deemed to be assets and subject to CGT.
Who do you think correct?
Thanks for any contributions