Have received an HMRC enquiry into a 2010-11 loss relief claim on an FHL business (against total other income) where the loss relates principally to capital allowances.
HMRC is asking for evidence of the amount of time spent in the management of the FHL business. Not quite sure what he is getting at but feel that I need to know.
Is there some statutory (or case law) limitation on the sideways relief available here, and if so, is there a minimum number of hours per week that the taxpayer would have to satisfy?
Thanks for any pointers
With kind regards