Capital Gains Tax – negligence in making tax returns – CGT loss generating scheme- acquisition of Capital Redemption Policies – reliance on advice from professional firms – DOTAS number provided -held – failure to understand commercial elements of transaction and that financing to acquire Capital Redemption Policies was not a sham amounts to negligence – level of penalty reduced in respect of DOTAS disclosure and degree of co operation.
Citations:
[2014] UKFTT 89 (TC)
Links:
Jurisdiction:
England and Wales
Capital Gains Tax
Updated: 17 April 2022; Ref: scu.521712