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In June 2005 HMRC enquired into the taxpayer’s 2003/04 return prompted by information they had received from his bank which showed the interest paid to him was greater than the amount shown on the return.
The enquiry led to further examination of his returns for the preceding three years. It transpired the taxpayer had been deducting capital losses on his investments from the interest paid to him by his bank.
He said he did this in light of informal advice from an accountant. He subsequently accepted the advice was incorrect.
HMRC issued discovery assessments under TMA 1970 s 29 in respect of the three earlier years and amended his 2003/04 return.
The taxpayer appealed to the First-tier Tribunal which found he had been negligent and dismissed his appeal.
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