In M Campbell v HMRC [2023] UKUT 265 (TCC) (3 November 2023) the Upper Tribunal (UT) considered the taxpayer’s appeals against CGT assessments and penalties in respect of the disposal of four residential properties remitting them back to the First-tier Tribunal (FTT) for rehearing. The UT dismissed HMRC’s cross-appeal holding that the taxpayer’s transactions were not trading.
The taxpayer bought and sold four residential properties over a five-year period but did not notify HMRC of any liability to tax. HMRC finally issued a return for the tax year in which the final property was sold and following an enquiry issued assessments and a closure notice for three tax years (two of the sales having taken place in the same year). These charged the taxpayer to income tax on the basis that he was trading or in...
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In M Campbell v HMRC [2023] UKUT 265 (TCC) (3 November 2023) the Upper Tribunal (UT) considered the taxpayer’s appeals against CGT assessments and penalties in respect of the disposal of four residential properties remitting them back to the First-tier Tribunal (FTT) for rehearing. The UT dismissed HMRC’s cross-appeal holding that the taxpayer’s transactions were not trading.
The taxpayer bought and sold four residential properties over a five-year period but did not notify HMRC of any liability to tax. HMRC finally issued a return for the tax year in which the final property was sold and following an enquiry issued assessments and a closure notice for three tax years (two of the sales having taken place in the same year). These charged the taxpayer to income tax on the basis that he was trading or in...
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