In W Shakoor v HMRC (TC02208 – 4 September) an individual (S) disposed of two flats but failed to declare the gains on his tax return. When HMRC discovered this it issued an assessment under TMA 1970 s 29 and imposed a penalty at 70% of the culpable tax. S appealed against the penalty contending that he had relied on his accountant (M). Judge Geraint Jones reviewed the evidence in detail and found that M was not ‘a satisfactory or reliable witness’ and that he knew ‘that the appellant has not resided in either flat for any period of time whatsoever’. If M had told S that no CGT was due on the sale of the flats such advice ‘was obviously wrong’ and S ‘ought to have realised that it...
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In W Shakoor v HMRC (TC02208 – 4 September) an individual (S) disposed of two flats but failed to declare the gains on his tax return. When HMRC discovered this it issued an assessment under TMA 1970 s 29 and imposed a penalty at 70% of the culpable tax. S appealed against the penalty contending that he had relied on his accountant (M). Judge Geraint Jones reviewed the evidence in detail and found that M was not ‘a satisfactory or reliable witness’ and that he knew ‘that the appellant has not resided in either flat for any period of time whatsoever’. If M had told S that no CGT was due on the sale of the flats such advice ‘was obviously wrong’ and S ‘ought to have realised that it...
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