from earlier in the bread -

To judge whether a person is undertaking a business, one needs to look at the number of transactions entered into and the holding period before the shares were sold. There would need to be evidence that the pattern of buying and selling was continuous, perhaps over a number of years. The business need not be profitable, but there would need to be evidence that the taxpayer treated their share buying and selling as a business. Dealers usually:


Invest a substantial amount of capital into the market and will sometimes borrow to fund their purchases

Monitor their portfolios regularly — perhaps weekly or even daily; they may have a trading system of some kind.

They will usually spend a good deal of time researching their investments

They may be trading low value — high risk shares to gain leverage.
Brilliant - I feel that that has more meaning than 'intent'