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Drown & Leadley v HMRC

In Drown & Leadley v HMRC [2014] UKFTT 892 (11 September 2014) the FTT found that executors could make optional claims which could have been made by the deceased.

The appellants were the executors of the deceased who had bought shares in two limited companies (for £25 000 in each) and made a loan of £334 784 to a third.

HMRC had accepted that the two shareholdings were valueless and that the loan had ceased to exist as an asset as a result of the liquidation of the debtor. The deceased had been served with a notice to file a tax return on 6 April 2010 and had died in a motoring accident on 11 May 2010.

His executors then filed a tax return in January 2011 claiming losses of £40 000. In doing so they relied on ITA 2000 s 131 which allows a capital loss...

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