FTTTx (Income Tax – HMRC Alleging Undeclared Trading Income) INCOME TAX – HMRC alleging undeclared trading income – Discovery assessments made under s.29 TMA 1970 – whether competent – held the evidence showed that for some (but not other) years the assessments were made on an intelligible basis and so satisfied the requirement that they were made ‘in the amount, or the further amount, which ought in the officer’s opinion to be charged in order to make good to the Crown the loss of tax’ – held the other conditions of s.29 were satisfied – the assessments found to be properly made adjusted by reference to the evidence – the penalties charged in respect of years for which the assessments were found to be properly made upheld but adjusted by reference to the adjusted assessments – appeal allowed in part
Citations:
[2016] UKFTT 785 (TC)
Links:
Jurisdiction:
England and Wales
Income Tax
Updated: 29 January 2022; Ref: scu.573945