Market leading insight for tax experts
View online issue

Drown & Leadley v HMRC

Claims by executors

In Drown & Leadley v HMRC [2014] UKFTT 892 (11 September 2014) the FTT found that executors could make optional claims which could have been made by the deceased.

The appellants were the executors of the deceased who had bought shares in two limited companies (for £25 000 in each) and made a loan of £334 784 to a third.

HMRC had accepted that the two shareholdings were valueless and that the loan had ceased to exist as an asset as a result of the liquidation of the debtor. The deceased had been served with a notice to file a tax return on 6 April 2010 and had died in a motoring accident on 11 May 2010.

His executors then filed a tax return in January 2011 claiming losses of £40 000. In doing so they relied on ITA 2000 s 131 which allows...

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

If you do not subscribe but are a registered user, 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 article in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
EDITOR'S PICKstar
Top