[2025] UKUT 00165 (TCC) Roger Murphy v The Commissioners for His Majesty's Revenue and Customs
Upper Tribunal Tax and Chancery decision of Mr Justice Smith and Judge Jones on 3 June 2025
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INCOME TAX –– share loss relief pursuant to s.574 Income and Corporation Tax Act 1988 – incurred in 2006-07 but claimed and carried back against income on 2005-06 return –Schedule 1B TMA 1970 applies so as to treat claim as relating to 2006-07 – standalone claim not made ‘in’ 05-06 return because information provided did not go to the calculation of tax - thus HMRC validly opened enquiries both into a) the claim made outside the 05-06 return pursuant to Schedule 1A TMA, and b) 06-07 return under section 9A TMA – both closure notices valid as reasonable recipient would understand them to deny all relief claimed despite incorrect figures included – Appellant’s appeal dismissed and HMRC’s cross-appeal allowed