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In the taxpayer's 2008/09 tax return was completed on his behalf by an adviser. The document indicated a claim relief in respect of a disposal of loan notes received as part of the consideration for the sale of a business. No further details were given.
After an enquiry HMRC found no relief was available be it entrepreneurs’ relief or holdover relief and assessed the taxpayer to further capital gains tax.
The department also imposed a penalty under FA 2007 Sch 24 on the grounds the inaccuracy in the return had been careless.
The taxpayer appealed against the penalty.
The First-tier Tribunal said it was for the Revenue to prove the inaccuracy in the return was careless on the part of the taxpayer or his agent – although it was for the taxpayer to show he had taken reasonable care.
The judge said it was clear there...
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