.png)
.png)
The appellant who together with an African company had invested in a bi-fuels and paper pulp business appealed against HMRC’s denial for claimed loss relief as well as their request for a stay in appeal proceedings while an investigation was underway.
The problem arose after HMRC rejected the taxpayer’s 2006/07 self assessment return in which he claimed a repayment under the sideways loss relief rules in TA 1988 s 380 and s 381 against his employment income.
Later that year HMRC opened an enquiry and withheld the claimant’s repayment of tax. In October 2008 the department requested information relating to the technicalities of bio-fuel and pulp trading together with copies of any feasibility study undertaken that concerned the activities of the African investors. The appellant could provide neither.
On...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
