Adam Craggs and Nigel Brook review Michael Freeman, a recent tribunal decision on when HMRC can raise a discovery assessment under TMA 1970 s 29
The appeal in Freeman v HMRC concerned whether it was open to HMRC to raise a discovery assessment in relation to the 2002/03 tax year pursuant to TMA 1970 s 29.
The appellant taxpayer believed that he was entitled to taper relief on the redemption of a block of loan notes (the ‘loan notes’) on the basis that they were non-qualifying corporate bonds (for further details see the background facts in the box below).
The loan notes were in fact qualifying corporate bonds (QCBs) within the meaning of TCGA 1992 s 117...
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Adam Craggs and Nigel Brook review Michael Freeman, a recent tribunal decision on when HMRC can raise a discovery assessment under TMA 1970 s 29
The appeal in Freeman v HMRC concerned whether it was open to HMRC to raise a discovery assessment in relation to the 2002/03 tax year pursuant to TMA 1970 s 29.
The appellant taxpayer believed that he was entitled to taper relief on the redemption of a block of loan notes (the ‘loan notes’) on the basis that they were non-qualifying corporate bonds (for further details see the background facts in the box below).
The loan notes were in fact qualifying corporate bonds (QCBs) within the meaning of TCGA 1992 s 117...
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: