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D White (TC4234)
The director of a firm used his company credit card for business and private expenditure. HMRC concluded there were no controls in place to quantify the private amount and, as a result, the director’s loan account was incorrect.
The department raised assessments, charging tax under ITEPA 2003, s 203 (cash equivalent of benefit treated as earnings).
The taxpayer appealed.
The First-tier Tribunal noted no evidence had been provided to the Revenue to show that the director had reimbursed the company for the private expenditure or that the director’s loan account had been adjusted.
The taxpayer could not offer evidence to show the assessments were wrong. The tribunal confirmed them, and the appeal was dismissed in a ruling similar to that in F Roberts (TC4235).
