The taxpayers gifted shares to charity and claimed relief under TA 1988 s 587B. HMRC said the arrangements had been carried out to avoid tax. The shares had been placed on the Channel Islands Stock Exchange (CISX) at inflated prices resulting in overstated tax relief claims.
Two of the taxpayers Dr P and Dr V had withdrawn their appeals but HMRC objected (TMA 1970 s 54(4)(b)) on the grounds that ‘the amount of tax owing in the closure notices as issued was understated’. HMRC wished the appeal to proceed to a hearing so the tribunal could determine the tax to be assessed. The taxpayers applied to reinstate the appeals so these were live and came before the tribunal.
Two other taxpayers failed to provide documents in support of their appeals and eventually in accordance with rule 8(1) of the Tribunal Procedure (First-tier Tribunal) (Tax Chamber) Rules 2009 ...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.