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An Employee v Revenue and Customs: SCIT 19 Mar 2008

SCIT SHARE OPTIONS – unapproved scheme – gains by employee – whether charge to income tax arises when options exercised but shares not sold – yes – ICTA 1988 s 135(1).
ASSESSMENT – power to raise assessment – whether loss of tax attributable to negligent conduct on the part of the Appellant or the person acting on his behalf – yes – whether at the relevant time the Revenue could not have been reasonably expected to be aware of the loss of tax – yes – appeal dismissed – TMA 1970 s 29 (4) and (5).

Citations:

[2008] UKSPC SPC00673

Links:

Bailii

Statutes:

Taxes Management Act 1979 29(4) 29(5), Income and Corporation Taxes Act 1988 135(1)

Jurisdiction:

England and Wales

Income Tax

Updated: 07 September 2022; Ref: scu.267758

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