FTTTx Appeal against amendment to Appellants tax return for 2003-04 and assessments for 1998-99 to 2002-03 and 2006-07 including penalties – property business and gardening business – deduction claimed for capital repayments in property business – accepted as incorrect but Appellant not negligent and not liable for penalties to that extent – garden business showed cash deficit – could this be explained otherwise than by reference to under declarations of income – Appellant’s explanations allowed in part – in part Appellant failed to discharge this conclusion – presumption of continuance for previous and later years accepted but on the basis of reduced under declaration – Appellant failed to keep adequate records and was negligent and Respondent’s method of calculating penalties accepted – Appeal allowed in part
Citations:
[2013] UKFTT 247 (TC)
Links:
Income Tax
Updated: 05 December 2022; Ref: scu.491851