Market leading insight for tax experts
View online issue

R Ames v HMRC

In R Ames v HMRC [2018] UKUT 190 (25 June 2018) the UT found that capital gains tax (CGT) relief under the Enterprise Investment Scheme (EIS) was not available on the disposal of shares in circumstances where no income tax relief had been claimed on their acquisition but it granted judicial review of HMRC’s decision not to allow a late claim for EIS income tax relief.

In 2005 Mr Ames had invested £50 000 in shares in a company which HMRC accepted qualified for EIS relief. Mr Ames had not claimed the relief in the 2004/05 year as his taxable income was only £42. In June 2011 he had sold his shares for over £330 000 and filed a self-assessment return in which he had not included the relevant capital gain as he understood it to be exempt under EIS. The disposal was...

If you are not a subscriber, subscribe now to read this content.
If you are already a subscriber, sign in
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.