Tax Credits – Child Tax Credit – no valid claim for capital allowance by the time Her Majesty’s Revenue and Customs made its decision on his entitlement to tax credits – not operating or carrying on any overseas property business at the time of the decision and expenditure on a property could not constitute a permissible capital allowance – Regulation 3(8) of the Tax Credits (Definition and Calculation of Income) Regulations 2002 – s.120 of the Income Tax Act 2007 (‘ITA 2007’) – s. 263 and 265 Income Tax (Trading and Other Income) Act 2005 – s.3 of the Capital Allowances Act 2001 – appeal dismissed – FTT correct to find that no reduction should have been made from Appellant’s income for property purchased in Ghana when entitlement to tax credits was assessed.
Citations:
[2020] UKUT 340 (AAC)
Links:
Jurisdiction:
England and Wales
Taxes – Other
Updated: 12 October 2022; Ref: scu.659506