Jurisdiction(s):
United Kingdom

Upper Tribunal: In-time amended capital loss claims form part of the return (not stand-alone); HMRC can enquire under TMA 1970, section 9A (Cumming-Bruce v HMRC)

Published on: 12 September 2022

Published by a LexisNexis Tax expert

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Edward Cumming Bruce v Revenue and Customs [2022] UKUT 233 (TCC)

Following the Court of Appeal’s decision in Mansworth v Jelley [2002] EWCA Civ 1829, together with an associated HMRC press release in January 2003, the taxpayer sought to claim capital losses by making in-time amendments to previously submitted tax returns. He wrote to HMRC enclosing revised computations of losses realised on the disposal of shares acquired under an adjustable share option scheme, together with detailed changes to the capital gains tax (CGT) calculation pages in the relevant returns. HMRC opened enquiries into the relevant returns pursuant to TMA 1970, s 9A, and later closed those enquiries on the footing that the asserted losses were not allowable. The question on appeal focused on whether the taxpayer’s notifications of capital losses were free-standing claims or whether they formed part of his tax returns, that is, incorporated within the returns themselves rather than advanced separately from them. If they were free-standing claims, then indeed, as ...

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