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JP & Mrs M Coll v HMRC

Personal tax: Capital gains tax

In JP & Mrs M Coll v HMRC (Upper Tribunal – 12 May) a couple sold their shares in a company for £2 500 000 in November 1997. The consideration took the form of guaranteed unsecured variable loan notes. The couple did not redeem the notes until 1998/99 by which time they had ceased to be resident in the UK. The couple's 1997/98 tax returns incorrectly stated that the transaction had received clearance from the Revenue under TCGA 1992 s 138 although in fact the Special Commissioner had rejected their clearance application.

The Revenue subsequently began investigating the couple's affairs and discovered that this statement was incorrect. They issued CGT assessments on the basis that the couple had made a chargeable disposal for tax purposes and imposed penalties under TMA 1970 s 95(1). The Special Commissioner reviewed the evidence in...

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