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HMRC’s wealthy team are sending letters to taxpayers who made a business asset disposal relief (BADR) claim in their 2022-23 returns and in so doing either exceeded the £1m lifetime limit in that year or had already done so before that year.
Recipients are being invited to amend the BADR claim within 30 days. Failure to do so may result in HMRC correcting the return under TMA 1970, s 9ZB and potentially imposing penalties as well as interest on additional tax charges.
