INCOME TAX AND CORPORATION TAX – closure notices, discovery assessments and penalty assessments issued in respect of incorrect tax returns filed by an individual and a company – errors in relation to the profits of a property business carried on by, and employment income received by, the individual and in relation to the expenditure incurred by the company – loans deemed to have been made under Section 455 of the Corporation Tax Act 2010 – appeals dismissed except to the extent that the relevant assessment depended on the inaccuracies’ being deliberate – held that the Appellants had acted carelessly and not deliberately in filing the relevant returns – penalties reduced accordingly
Citations:
[2021] UKFTT 454 (TC)
Links:
Jurisdiction:
England and Wales
Income Tax, Taxes Management
Updated: 02 February 2022; Ref: scu.671548