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A rethink could be required
KEY POINTS
- In McGreevy the judge analysed the framework of the NRCGT compliance regime.
- Disposals must be declared within 30 days of completion rather than contract.
- To say that information on the NRCGT return was ‘well within the public domain’ was claptrap.
- Two decisions cancelled the penalties and two upheld them but which are correct?
- Should HMRC have to inform taxpayers of changes in the tax system?
- There is a fundamental flaw in the design of the NRCGT regime.
Readers who followed my advice in ‘If you do one thing this week’ on 18 October last year will have read the decision in Rachel McGreevy. In this the First-tier Tribunal judge clinically dissected the framework of the compliance regime for non-resident capital gains tax (NRCGT) returns...
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