Archive for January, 2015

A doctor’s disastrous foray into the glamorous world of racehorse ownership led to a guideline case in which the First-tier Tribunal (FTT) analysed the vexed issue of what differentiates a commercial trade from a mere hobby. The doctor thought he was onto a winner when he purchased a half share in a horse called ‘Hermes’. The horse caused ‘a minor stir’ in the racing world when he came a ‘creditable second’ in his first race and, on the strength of that performance, a buyer offered to snap up Hermes for £50,000. That was turned away in the hope that the horse would achieve further track success – and perhaps even win commercial sponsorship from the luxury brand Hermes. That turned out to be a forlorn hope, however, after it emerged that Hermes did not have winged heels after all. His showing ... Read more