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K Rotberg (TC3780)
The taxpayer sold shares in a company in January 2000 and reinvested the proceeds in another business. The gain was not declared in her 1999/2000 tax return.
HMRC issued a discovery assessment against which the taxpayer appealed saying she relied on her accountant to look after her financial affairs and had no reason to believe he had given her inappropriate advice.
He called the Revenue before the share sale to find out whether the gain would qualify for rollover relief and was told it would be – which was why he did not include the gain on the taxpayer’s return.
The First-tier Tribunal decided the taxpayer had not been negligent – but it was clear her adviser had “limited experience in the application of the relevant reliefs”.
Had he consulted the legislation in TCGA 1992 s 152 et seq he would have learned that shares were not...
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