A payment for the sale by an orthopaedic surgeon of his business was capital rather than revenue in nature and was not subject to the ‘sales of occupation income’ anti-avoidance provisions.

Summary

A payment for the sale by an orthopaedic surgeon of his business was capital rather than revenue in nature and was not subject to the ‘sales of occupation income’ anti-avoidance provisions.

Background

The appellant, a renowned orthopaedic surgeon, entered into an agreement (SPA) in March 2010 with a company (S) for the sale and purchase of the appellant’s business, for which he received a payment of £1 million upon completion in July 2010.

The appellant submitted his self-assessment return for 2009/10 in