In EA & A Manisty (Trustees of the EA Manisty FURBS Trust) v HMRC (TC01354 – 22 August) the trustees of a retirement benefit scheme submitted a return for 2006/07 containing several incorrect entries.
Following the submission of the return HMRC issued a calculation of the scheme’s tax liability in which tax was only charged at the basic rate.
In December 2009 following an enquiry into a subsequent return HMRC issued a discovery assessment charging tax at the higher rate attributable to trusts.
The First-tier Tribunal upheld the assessment and dismissed the trustees’ appeal holding that the trustee who had submitted the return had been negligent.
Why it matters: TMA 1970 s 29(4) previously provided that HMRC could make an assessment to recover tax...
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In EA & A Manisty (Trustees of the EA Manisty FURBS Trust) v HMRC (TC01354 – 22 August) the trustees of a retirement benefit scheme submitted a return for 2006/07 containing several incorrect entries.
Following the submission of the return HMRC issued a calculation of the scheme’s tax liability in which tax was only charged at the basic rate.
In December 2009 following an enquiry into a subsequent return HMRC issued a discovery assessment charging tax at the higher rate attributable to trusts.
The First-tier Tribunal upheld the assessment and dismissed the trustees’ appeal holding that the trustee who had submitted the return had been negligent.
Why it matters: TMA 1970 s 29(4) previously provided that HMRC could make an assessment to recover tax...
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:
