BIM21000 | Meaning of trade: scope of trade: contents

Having established that a trade, or a venture in the nature of trade, exists, the next question to consider is the scope of that trade. The scope of a particular trade is fundamental when questions arise concerning whether particular receipts are income of the trade, whether expenditure is incurred wholly and exclusively for the purposes of the trade, or whether expenditure is capital or revenue for tax purposes.

The guidance on scope of trade is arranged as follows: