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Room 101
KEY POINTS
- A taxpayer wishes to withdraw capital from his buy-to-let business but is denied tax relief for loan interest.
- HMRC’s original examples indicate that tax relief should be available.
- The department’s guidance is changed during the course of an enquiry.
- Tax relief on interest has been refused but will others be similarly affected?
- Given the recent decision in Hely-Hutchinson v HMRC a judicial review may not help.
George Orwell’s novel 1984 contained the slogans ‘war is peace freedom is slavery ignorance is strength’. World events over the past few months have drawn comparisons to the dystopian regime described in the book although most have looked to the US since the election of Donald Trump. But perhaps Big Brother is a little closer to home…
As may be recalled in 1984 Winston Smith works...
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