FTTTX Income tax – amendments to Appellant’s self-assessments for 2005-06 and 2006-07 – no business records supplied to support the figures in the Appellant’s original returns – significant extra deposits in bank accounts controlled by the Appellant explained as sale proceeds of motor vehicles ‘done up’ by the Appellant as a hobby and not as a trade – amendments proposed by HMRC (as reduced at the hearing) not arbitrary or capricious, being based on the amounts of the deposits – Appellant had not discharged the burden of showing the amendments were wrong – amendments (as so reduced) therefore upheld – associated penalties reduced because of extra 10% mitigation for ‘size and gravity’ arising from downward adjustment to the amendments proposed by HMRC at the hearing, but increased by 5% by Tribunal on grounds of lack of co-operation, net 5% reduction in applicable rate – appeal determined in principle on this basis, liberty to apply if necessary to determine final figures
Citations:
[2014] UKFTT 78 (TC)
Links:
Jurisdiction:
England and Wales
Income Tax
Updated: 22 May 2022; Ref: scu.521686
