Read the full judgment text of HCIA 000008/2005 on BabelCite. This HCIA judgment.
1. This is an appeal by way of case stated against a decision of the Board of Review [“the Board”] dated 5 July this year. The issue before the Board was a familiar one concerning the correctness of assessments for tax raised against the taxpayer on the basis that its disposal of flats in a residential building at 49, Conduit Road [“the property”] amounted to a sale of a trading asset, and thereby liable to profits tax as opposed to the disposal of a capital asset, which would not.