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DANIEL HEMMING discusses whether taxpayers have any protection from HMRC taking a second shot in litigation
KEY POINTS
- Loss claimed on share-for-share exchange is refused.
- Loss relief under TA 1988 s 574 disallowed on co-owners.
- Subsequent disallowance on a new basis.
- Tribunal held that HMRC’s change of approach was not a new enquiry and thus out of time.
- Applying for a closure notice may be a future defence.
A recently decided appeal before the First-tier Tribunal contains a couple of lessons for the tax practitioner although we won’t be reinforcing these with a sock full of sand or a sawn-off shotgun. Taking a rather more perhaps we should say judicial approach in Lachmann & Anor v HMRC [2010] UKFTT 560 (TC) the points at issue related to:
(i) the availability of relief on a disposal of shares at a loss under what was
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