In Mark Wickersham v HMRC [2016] EWHC 2956 the High Court held that no tax repayment was due as HMRC had given notice of their intention to enquire into a share loss relief claim.
The loss was a claim outside a return so Sch1A TMA 1970 applied:
- HMRC were required to make a repayment as soon as possible, unless an enquiry was opened.
- To open a valid enquiry HMRC merely had to notify the taxpayer of their intention to make an enquiry by the deadline
- On balance of the evidence they had done this, so the enquiry was valid and no repayment due until the enquiry was complete.
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Loss relief (income tax) disposal of shares
Case reference:
