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Inappropriate for judicial review

11 August 2015
Issue: 4513 / Categories: Tax cases
R (on the application of Derry) v CRC, Upper Tribunal (Tax and Chancery Chamber), 28 July 2015
In 2009/10 the taxpayer had taxable income of £519 625. In his return for the year which he submitted online in January 2011 he claimed relief under ITA 2007 part 4 chapter 6 (s 131 et seq) for a capital loss of £414 500. This resulted from a purchase of 500 000 shares in a company for £500 000 which the taxpayer sold for £85 500 in 2010/11. In October 2011 the Revenue made a payment of £70 497.90 to the taxpayer.
However HMRC decided to investigate the loss saying the taxpayer had to prove it was not a result of arrangements to secure a tax advantage. They claimed further that even if the loss were allowable the taxpayer would not be entitled to carry it back (TMA 1970 s 42 and...

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