Murphy v Revenue and Customs (INCOME TAX - relief for losses on disposal of shares) [2024] UKFTT 537 (TC) (13 June 2024)

Murphy v Revenue and Customs (INCOME TAX - relief for losses on disposal of shares) [2024] UKFTT 537 (TC) (13 June 2024)

The Tribunal held that under pre-ITA law, Schedule 1B TMA applied to share loss relief claims, so Mr Murphy was not entitled to claim relief 'in' his 2005/6 return. HMRC's enquiries and closure notices under Schedule 1A and section 9A TMA were valid. The appeal was dismissed.

Citation
[2024] UKFTT 537
Parties
Appellant: Roger Murphy; Respondents: The Commissioners for His Majesty's Revenue and Customs
Jurisdiction
United Kingdom
Judgment Date
13 June 2024
Procedural Posture
Income Tax Appeal / Final Judgment at First Tier Tribunal (tax)
Outcome
Appeal dismissed
Legal Topics
Income Tax, Loss Relief, Share Loss Relief, Tax Avoidance, Procedural Validity of Closure Notices
Tax Law Income Tax Loss Relief Share Loss Relief Tax Avoidance Procedural Validity of Closure Notices

Case Brief

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Parties

Roger Murphy

Appellant

The Commissioners for His Majesty's Revenue and Customs

Respondents

Procedural Posture

Income Tax Appeal / Final Judgment at First Tier Tribunal (tax)

Legal Issues

  1. 1 Whether claim for relief under section 574 ICTA was validly made 'in a return'
  2. 2 Whether HMRC's enquiries and closure notices under Schedule 1A and section 9A TMA were valid
  3. 3 Whether Schedule 1B TMA applied to share loss relief claims for pre-ITA periods

Ratio Decidendi

The Tribunal held that under pre-ITA law, Schedule 1B TMA applied to share loss relief claims, so Mr Murphy was not entitled to claim relief 'in' his 2005/6 return. HMRC's enquiries and closure notices under Schedule 1A and section 9A TMA were valid. The appeal was dismissed.

Court Disposition

Appeal dismissed

Orders

  • Closure notices issued by HMRC are valid
  • Relief under section 574 ICTA denied