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Too late to claim

17 August 2015
Issue: 4514 / Categories: Tax cases , Capital Gains
R Ames (TC4523)
In January 2005 the taxpayer invested in shares eligible for enterprise investment scheme relief. He did not claim the relief because he had no taxable income in the relevant year. In June 2011 he sold the shares at a profit but did not include the gain on his return because he believed there was no capital gains tax on the disposal.
HMRC opened an enquiry and amended the return to include the gain on the basis that the capital gains tax exemption was available only if enterprise investment scheme relief had been claimed (TCGA 1992 s 150A).
The taxpayer made a late claim for enterprise investment scheme relief which HMRC refused. He appealed saying HMRC’s interpretation of s 150 was “anomalous” because parliament had specifically inserted s 150A(3)(c) to exempt an individual from capital...

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