Alberg v Revenue and Customs (INCOME TAX/CORPORATION TAX : Exemptions and reliefs) [2016] UKFTT 621 (TC) (05 September 2016)

Alberg v Revenue and Customs (INCOME TAX/CORPORATION TAX : Exemptions and reliefs) [2016] UKFTT 621 (TC) (05 September 2016)

The appellant failed to provide direct evidence that additional shares were issued to him. The Tribunal found, on the balance of probabilities, that the necessary steps for share issuance were not completed and thus the requirements of s131 Income Tax Act 2007 were not met. The appeal was dismissed.

Citation
[2016] UKFTT 621 (TC)
Parties
Appellant: Richard Alberg; Respondents: The Commissioners for Her Majesty’s Revenue & Customs
Jurisdiction
United Kingdom
Judgment Date
05 September 2016
Procedural Posture
Income Tax/corporation Tax Appeal / First Tier Tribunal (tax Chamber) Decision
Outcome
Appeal dismissed
Legal Topics
Income Tax, Share Loss Relief, Corporation Tax, Exemptions and Reliefs
Tax Law Income Tax Share Loss Relief Corporation Tax Exemptions and Reliefs

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Parties

Richard Alberg

Appellant

The Commissioners for Her Majesty’s Revenue & Customs

Respondents

Procedural Posture

Income Tax/corporation Tax Appeal / First Tier Tribunal (tax Chamber) Decision

Legal Issues

  1. 1 Whether the appellant subscribed for shares in the company for the purposes of share loss relief under s131 Income Tax Act 2007
  2. 2 Whether circumstantial evidence is sufficient to infer that shares were issued

Ratio Decidendi

The appellant failed to provide direct evidence that additional shares were issued to him. The Tribunal found, on the balance of probabilities, that the necessary steps for share issuance were not completed and thus the requirements of s131 Income Tax Act 2007 were not met. The appeal was dismissed.

Court Disposition

Appeal dismissed

Orders

  • The closure notice issued by HMRC in respect of the appellant’s 2008-09 tax return stands.