FTTTx INCOME TAX – loss relief for loans to traders – s253 Taxation of Chargeable Gains Act 1992 (‘TCGA 1992’) – whether payments made by appellant in respect of interest on bank loans to property trading company which appellant had guaranteed were ‘made under the guarantee’ for the purposes of s253(4) TCGA 1992 – no- relevance of demand under guarantee considered – whether relief for outstanding amount of principal on irrecoverable loan available under s253(3) TCGA 1992 – yes – whether loss could be relieved under appellant’s general income under s574 ICTA 1988 – no -relevance of HMRC treatment of similar claims considered – whether Tribunal had ‘equitable jurisdiction’ to deal with appellant’s affairs in the round – no -appeal against refusal of loss relief claim under 253(3) TCGA 1992 allowed -appeal against refusal to allow relief to be set against general income dismissed – appeal allowed in part
Swami Raghavan
[2012] UKFTT 521 (TC)
Bailii
Taxation of Chargeable Gains Act 1992 253
England and Wales
Updated: 12 October 2021; Ref: scu.466100
