INCOME TAX and PENALTIES – self-assessment return – enquiry and closure notice – s 34 of ITTOIA 2005 – deductibility of payments to father – lack of business records as required by s 12B TMA – taxpayer’s object in incurring expenditure – whether ‘wholly and exclusively’ for the purpose of trade – Schedule 41 FA 2008 and Schedule 24 FA 2007 – failure to notify liability and inaccuracy – interaction of penalties – whether deliberate – appeal dismissed
[2021] UKFTT 311 (TC)
Bailii
England and Wales
Updated: 20 October 2021; Ref: scu.667929