Joseph Okolo v HMRC [2012] UKUT 416 an individual made four fictitious returns under Self Assessment in order to deceive lenders.

In an unusual case HMRC raised tax assessments after disallowing various expenses in the "accounts" and the taxpayer appealed. The First Tier Tax tribunal found that the accounts were made up and that the individual had lied and given conflicting accounts of what had happened but rejected his appeal. Mr Okolo did not consider that the FTT had considered all the evidence. He engaged a firm to represent him and appealed to the Upper Tax Tribunal (UTT).

The UTT found that Mr Okolo had lied and changed his various accounts of events, he was clearly trying to deceive lenders in the UK and investors in Nigeria about his business activities, but looking at the evidence submitted it was plain that no business had existed. It reduced HMRC's assessments to nil.

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