Jurisdiction(s):
United Kingdom

Murphy v HMRC: Upper Tribunal upholds enquiries and closure notices on Excalibur share loss relief; ICTA s574 claims fall under TMA Sch 1B; Derry distinguished; Sch 1A standalone enquiry valid.

Published on: 10 June 2025

Published by a LexisNexis Tax expert

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Article summary

Murphy v HMRC [2025] UKUT 165 (TCC)

The case revolved around a share loss incurred by the taxpayer due to his involvement in the Excalibur avoidance scheme. He filed his tax return for 2005–06 on his form and inserted an entry for ‘2006–2007 tax you are reclaiming now’, explained in the white space as a claim to relief for a loss arising in 2006–07 to be set against income for 2005–06 for that earlier year. The claim was brought under section 574 of the Income and Corporation Tax Act 1988 (ICTA 1988), being for a period before the provisions were rewritten to section 132 of the Income Tax Act 2007 (ITA 2007). HMRC later informed the taxpayer of its intention to enquire into the claim as a separate claim under paragraph 5 of Schedule 1A to the Taxes Management Act 1970 (TMA 1970). Following submission of the 2006–07 return, which included an entry reflecting the loss claimed against income for 2005–06, HMRC also commenced an enquiry into that return...

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