Lim v Revenue and Customs (Income Tax/Corporation Tax : Assessment/Self-Assessment): FTTTx 2 Jul 2019

Income tax – Section 28A(1) and (2) Taxes Management Act 1970 – appeal against Closure Notice and Revenue Amendment – whether appellant ‘trading’ and whether entitled to deduct payments made to family members to fund property dealings which ultimately proved abortive were an allowable business expense – no – profits correctly assessed by HMRC – appeal dismissed
Appeal against penalty assessments imposed under Schedule 24 FA 2007 for inaccuracies in tax returns based on deliberate behaviour – appeal dismissed

Citations:

[2019] UKFTT 434 (TC)

Links:

Bailii

Jurisdiction:

England and Wales

Income Tax

Updated: 25 October 2022; Ref: scu.641287