R (on the application of Derry) v HMRC is the third Supreme Court decision on what is and what is not included in self-assessment. HMRC needed the court to decide that the claim was not included in the self-assessment of the year prior to the loss being incurred; otherwise, it was a closed year with a potential loss of tax of over a £100m. In a disastrous decision for HMRC, the Supreme Court decided the share loss claim was included in the earlier year, and did not overturn the Court of Appeal decision that a taxpayer could adjust the self-assessment for the earlier year on the tax calculation pages.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
R (on the application of Derry) v HMRC is the third Supreme Court decision on what is and what is not included in self-assessment. HMRC needed the court to decide that the claim was not included in the self-assessment of the year prior to the loss being incurred; otherwise, it was a closed year with a potential loss of tax of over a £100m. In a disastrous decision for HMRC, the Supreme Court decided the share loss claim was included in the earlier year, and did not overturn the Court of Appeal decision that a taxpayer could adjust the self-assessment for the earlier year on the tax calculation pages.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
