FTTTx CAPITAL GAINS TAX – Disposal of shares for loan notes – whether the exchange formed part of a scheme or arrangements of which the main purpose or one of the main purposes, is avoidance of liability to capital gains tax- Yes – section 137 Taxation of Capital Gains Act 1992 – Appeal dismissed
PENALTY ASSESSMENT – Whether 1997/98 return containing incorrect statement about the status of clearance application was made fraudulently or negligently – made negligently – quantum of penalty reduced from 85 per cent of tax due to 30 per cent – Appeal allowed in part.
 UKFTT 61 (TC)
England and Wales
Updated: 17 February 2021; Ref: scu.373601