Too late to provide new evidence

In July 1997 the taxpayer inherited a property valued at £55 000 from his mother. Three years later he was made bankrupt and beneficial ownership of the property vested in his trustee in bankruptcy. He was discharged from bankruptcy in 2003.

In May 2016 the taxpayer granted an option to a company to buy the property for £215 000. The company exercised the option in September 2016. The taxpayer’s tax return did not include the capital gain. HMRC opened an enquiry and assessed him to capital gains tax. The taxpayer appealed on the basis that he was liable to tax on the disposal only for the period that he was the beneficial owner. He reacquired ownership of the property in May 2016 and there was no increase in value between then and the date the property was sold.

The First-tier Tribunal dismissed his appeal and the...