.png)
.png)
Issue:
4189
/
Categories:
Comment & Analysis
, Austen and Young Ltd
, Capital losses
, Dunstan v Young
, Fletcher
, Companies
JOHN MANIS considers the decision in Fletcher v HMRC on debt capitalisations
KEY POINTS
- Had the taxpayer realised a capital loss?
- Shares acquired by way of a debt capitalisation.
- Relevance of Dunstan v Young Austen and Young Ltd.
- Importance of employing appropriate professional representation.
The Special Commissioner in Fletcher (SpC 711) reached his decision in an unusual way.
He had begun the hearing on the basis that HMRC’s case was bound to prevail. The commissioner felt this was regrettable because in his opinion the merits of the case if not the law favoured the taxpayer.
HMRC were represented by an Inspector of Taxes and a senior HMRC officer and had prepared a skeleton argument which the Special Commissioner described as first-class and clear.
The taxpayer was represented by her co-shareholder and co-director in the company to which the case related...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
