Michael Avient reviews the decisions in Cotter, Rouse and De Silva and provides considerations for advisers when advising on loss carry-back claims.
The Taxes Management Act (TMA) 1970 is the primary source of legislation for the administration and collection of taxes. As the foundation for the administration of the tax system it is fundamental that taxpayers are able to rely on the wording of the legislation and that it provides certainty. It should set out the rules to which both the taxpayer and HMRC must comply. The problem over the past few years is that HMRC has sought to utilise TMA 1970 to counter tax avoidance and in doing so has managed to blur the rules and create uncertainty where none should exist.
Many tax professionals will have clients who will have made...
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