In R (on the application of Derry) v HMRC [2019] UKSC 19 (10 April 2019) the Supreme Court found that the taxpayer had been entitled to claim share loss relief (ITA 2007 s 132) in the year in which the loss was incurred rather than the following year.
Mr Derry had bought 500 000 shares for £500 000 in a company called Media Pro and then sold them for £85 500 to a charitable trust in the year 2010/11. In his 2009/10 tax return he had claimed a £414 500 loss under ITA 2007 s 132 (share loss relief) thus carrying back the relief and therefore reduced his tax liability for that year. HMRC contended that his right was effectively overridden by TMA 1970 Sch 1B with the result that the loss though claimed in 2009 should be...
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In R (on the application of Derry) v HMRC [2019] UKSC 19 (10 April 2019) the Supreme Court found that the taxpayer had been entitled to claim share loss relief (ITA 2007 s 132) in the year in which the loss was incurred rather than the following year.
Mr Derry had bought 500 000 shares for £500 000 in a company called Media Pro and then sold them for £85 500 to a charitable trust in the year 2010/11. In his 2009/10 tax return he had claimed a £414 500 loss under ITA 2007 s 132 (share loss relief) thus carrying back the relief and therefore reduced his tax liability for that year. HMRC contended that his right was effectively overridden by TMA 1970 Sch 1B with the result that the loss though claimed in 2009 should be...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
