HMRC lose an avoidance tax case
The Tax Tribunal held that taxpayers who had participated in a tax avoidance scheme were protected from the assessments that HMRC sought to raise. Apparently, at the point when the time limit for HMRC to raise an enquiry closed the information already provided was such that an Inspector could reasonably have been expected to be aware of the position. HMRC were therefore prevented from raising late assessments on the “discovery” basis.
Any assessment should therefore have been made within time and there was no basis for HMRC to open a discovery assessment in such circumstances.
This case flags up the need for full and complete disclosure to obtain protection from time limits.
Date: 15th January, 2013
Articles from this Author
1st November, 2018
Budget 2018 - Changes for businesses
22nd October, 2018
Making the most out of your home? Rent a room relief
3rd May, 2018
Tax changes for non-resident corporate landlords
4th April, 2018
EMI options - a current risk
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole