Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Not the same

18 April 2017
Issue: 4595 / Categories: Tax cases

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...

If you or your firm subscribes to, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

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.

Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.

back to top icon