Upper Tribunal considers interaction of share loss relief with TMA 1970 claims and enquiry rules | Practical Law

Upper Tribunal considers interaction of share loss relief with TMA 1970 claims and enquiry rules | Practical Law

The Upper Tribunal has held that section 42 of the Taxes Management Act 1970 (TMA 1970) applies to a "share loss relief" claim. Therefore, Schedule 1B to TMA 1970, governing how effect is given to relief claims involving multiple years of assessment, applied to the taxpayer's share loss relief claim. Further, Schedule 1A to that Act, governing relief claims not included in a return, applied to the taxpayer's claim so HMRC's enquiry into it under that Schedule was in time. (R (oao Derry) v HMRC [2015] UKUT 416 (TCC).)

Upper Tribunal considers interaction of share loss relief with TMA 1970 claims and enquiry rules

Practical Law UK Legal Update Case Report 2-617-7850 (Approx. 3 pages)

Upper Tribunal considers interaction of share loss relief with TMA 1970 claims and enquiry rules

by Practical Law Tax
Published on 30 Jul 2015
The Upper Tribunal has held that section 42 of the Taxes Management Act 1970 (TMA 1970) applies to a "share loss relief" claim. Therefore, Schedule 1B to TMA 1970, governing how effect is given to relief claims involving multiple years of assessment, applied to the taxpayer's share loss relief claim. Further, Schedule 1A to that Act, governing relief claims not included in a return, applied to the taxpayer's claim so HMRC's enquiry into it under that Schedule was in time. (R (oao Derry) v HMRC [2015] UKUT 416 (TCC).)