CORPORATION TAX – Appellant’s large-scale cash purchases of scrap gold and bullion in Birmingham’s ‘jewellery quarter’
Were there understated profits chargeable to corporation tax in accounting period ending (‘APE’) 31.1.11? – Yes – What were they? – Tribunal has made findings which will permit re-calculation
Having so found, can ‘the presumption of continuity’ be applied to earlier and/or later years so as to support assessments for those earlier and later years? – Yes, but, on the facts, only to APE 10 – Presumption of continuity displaced for years other than APE 10 and APE 11
Assessment for APE 10 was a discovery assessment – Were the conditions in FA 1998 Schedule 18 satisfied in relation to APE 10? – Yes – Was the discovery stale by the time of the assessment? – On the facts, No
Can the understated profits for APE 10 or APE 11 be treated as a loan or advance by the Appellant – No
ALTERNATIVE DISPUTE RESOLUTION – remarks on its potential utility in this dispute
Citations:
[2019] UKFTT 44 (TC)
Links:
Jurisdiction:
England and Wales
Corporation Tax
Updated: 06 December 2022; Ref: scu.635678
