Abigail Tan v The Commissioners for HMRC
The appellant was not entitled to a negligible value claim because the shares were already of negligible value at the time of acquisition by loan conversion, and did not become of negligible value while owned by her. The alternative argument for relief under s.253 TCGA was a very late amendment and not permitted.
- Parties
- Appellant: Abigail Tan; Respondents: The Commissioners for His Majesty’s Revenue and Customs
- Jurisdiction
- England and Wales
- Judgment Date
- 11 October 2024
- Procedural Posture
- Income Tax Appeal / Judgment After Remote Video Hearing
- Outcome
- Appeal dismissed
- Legal Topics
- Negligible Value Claim, Capital Losses, Share Loss Relief, Director’s Loan Conversion, Burden of Proof
Case Brief
Summary, issues, holding and outcome
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Parties
Abigail Tan
Appellant
The Commissioners for His Majesty’s Revenue and Customs
Respondents
Procedural Posture
Income Tax Appeal / Judgment After Remote Video Hearing
Legal Issues
- 1 Whether the appellant was entitled to a negligible value claim for shares acquired by loan conversion
- 2 Whether the shares became of negligible value while owned by the appellant
- 3 Whether the appellant could alternatively claim relief under s.253 TCGA for loans to traders
Ratio Decidendi
The appellant was not entitled to a negligible value claim because the shares were already of negligible value at the time of acquisition by loan conversion, and did not become of negligible value while owned by her. The alternative argument for relief under s.253 TCGA was a very late amendment and not permitted.
Court Disposition
Appeal dismissed
Orders
- The closure notices are upheld.
Full Case Text
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