“… the trade. It must be made for the purposes of earning profits …” (per Lord Davey at p 453). The point was addressed by Millett LJ in Vodafone Cellular v Shaw [1997] STC 734 where at p 742 he said “the words for the purposes of the trade mean to serve the purposes of the trade. They do not mean for the purposes of the taxpayer but …”
“… reacquiring the Assets was an issue of fact within the exclusive province of the FTT. He cited Millett LJ in Vodafone Cellular Ltd v Shaw (Inspector of Taxes) [1997] STC 734 at 742:…”
“…s helpfully provided by Millett LJ, giving the leading judgment in this court with which Hirst LJ and Sir John Balcombe agreed, in Vodafone Cellular Ltd v Shaw [1997] STC 734 at 742-3:…”
“… expenditure is wholly and exclusively incurred for the purpose of a particular taxpayer is that set out by the Court of Appeal in Vodafone Cellular Ltd v Shaw [1997] STC 734 (‘Vodafone’). That case concerned the deductibility of a payment made by the taxpayer in order to bring to an end an onerous fee agreement to which it was a pa…”