In C Reid v HMRC (Upper Tribunal – 28 November) HMRC issued assessments for 1996/97 to 2003/04 and imposed penalties under TMA 1970 s 95 at the rate of 45% of the evaded tax on an MC who had failed to maintain full records of his income. The First-tier Tribunal upheld the assessments and the penalties (but allowed appeals against estimated assessments for years before 1996/97). The MC appealed to the Upper Tribunal which dismissed his appeal holding that there was ‘no basis to disturb the Tribunal’s decision’.
In C Reid v HMRC (Upper Tribunal – 28 November) HMRC issued assessments for 1996/97 to 2003/04 and imposed penalties under TMA 1970 s 95 at the rate of 45% of the evaded tax on an MC who had failed to maintain full records of his income. The First-tier Tribunal upheld the assessments and the penalties (but allowed appeals against estimated assessments for years before 1996/97). The MC appealed to the Upper Tribunal which dismissed his appeal holding that there was ‘no basis to disturb the Tribunal’s decision’.
