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CRC v P Drown and R Leadley (as executors of J Leadley), Upper Tribunal (Tax and Chancery Chamber), 24 March 2017
Personal representatives’ entitlement to loss relief on shares owned by the deceased
The deceased had invested in two companies and made a loan to another. HMRC accepted that by 5 April 2010 the shareholdings had a negligible value and the loan was irrecoverable because the company had gone into liquidation. On 6 April 2010 he was served with notice under TMA 1970 s 8 to file a tax return for the year 2009-10. He had not done so by 11 May 2010 when he was killed in a motoring accident. Had he filed a return before his death he could have claimed relief on the shares and the loan.
His executors submitted claims for share loss relief under ITA 2007 s 131 and TCGA 1992 s 24(2). They also claimed relief for the loan under TCGA 1992 s 253.
The First-tier Tribunal allowed the...
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