Salt v Chamberlain

CH D 1979 53 TC 143 [1979] STC 750

A research consultant made a loss on the Stock Exchange after trying to forecast the market.  The loss was made after several years and over 200 transactions.  This was not seen as a trade and capital in nature.  It was concluded that share trading by a private individual can never have the badges of trade pinned to them.  These transactions are subject to Capital Gains Tax.