In Johnson and another v HMRC[2022] UKFTT 156 (TC) (4 May 2022) the FTT dismissed the taxpayer’s appeal against HMRC’s discovery assessments in which the loss of tax was brought about carelessly by a person acting on the appellants’ behalf under TMA 1970 s 29(4).
The appellants ran a dental practice through a company and also carried on a property business in their own names. In 2007 they entered into a NatWest vanilla swap. Following a review by the Financial Conduct Authority of such interest rate hedging products the taxpayers were awarded compensation by NatWest. The total amount awarded as set out in a letter to the appellants from NatWest was £86 347.88. Interest was identified at £18 509.24 on which basic rate tax was deducted at source. In each of the appellants’ 2014 tax returns prepared by an agent ...
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:
In Johnson and another v HMRC[2022] UKFTT 156 (TC) (4 May 2022) the FTT dismissed the taxpayer’s appeal against HMRC’s discovery assessments in which the loss of tax was brought about carelessly by a person acting on the appellants’ behalf under TMA 1970 s 29(4).
The appellants ran a dental practice through a company and also carried on a property business in their own names. In 2007 they entered into a NatWest vanilla swap. Following a review by the Financial Conduct Authority of such interest rate hedging products the taxpayers were awarded compensation by NatWest. The total amount awarded as set out in a letter to the appellants from NatWest was £86 347.88. Interest was identified at £18 509.24 on which basic rate tax was deducted at source. In each of the appellants’ 2014 tax returns prepared by an agent ...
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:
