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D Atherley v HMRC

In D Atherley v HMRC [2018] UKFTT 408 (23 July 2018) the FTT found that the partial writing off of a loan was allowable as a loss under TCGA 1992 s 253(3).

The appeal concerned the write off of part of a qualifying loan made by Mr Atherley to a company called Kinari of which he was the sole shareholder and through which he conducted a high end interior design business. Mr Atherley was established in the residential market but he decided to break into the more lucrative commercial property market which required substantially more funding in particular for pitching. Mr Atherley funded Kinari through a loan account.

In January 2013 after several difficult years Mr Atherley decided to write off part of the loan and to wind down the business ensuring that all the creditors were paid in order to maintain his...

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