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Ask an expert: HMRC seeking penalty for incorrect share loss relief claim

Q: My client claimed share loss relief in 2009/10 in respect of shares in the high street retail trading company by which he was employed which became of negligible value when the company was placed into administration. The company provided details of the number of shares subscribed for and the
acquisition dates and costs for the purposes of the claim. HMRC opened an enquiry requesting further details of the shares and it transpired that some of these were fixed-rate preference shares which therefore did not qualify for share loss relief. I submitted an amended return containing a share loss relief claim only in respect of the client’s ordinary shares which has resulted in HMRC seeking a penalty in respect of the incorrect return. My client was of course unaware that his fixed rate preference shares did...

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