Market leading insight for tax experts
View online issue

Sanderson v HMRC

In Sanderson v HMRC (FTC/46/2012 – 6 December 2013) Mr Sanderson challenged the validity of a discovery assessment. His tax return for the year 1998/99 disclosed chargeable gains of £1.8m and capital losses of more than £2m. The losses were attributed to a ‘beneficial interest in the Castle Trust’. Castle Trust was the vehicle of a capital loss scheme implemented by many taxpayers.

In 2004 the officer investigating the Castle Trust scheme had become aware that Mr Sanderson’s 1998/99 return had been filed and had issued a discovery assessment as the enquiry window was closed.

Mr Sanderson’s case was that HMRC had been aware of his participation in the Castle Trust Scheme before he had even submitted his tax return and that by the time he did so they considered that the scheme did not achieve its objectives. Consequently the conditions of TMA 1970 s...

If you or your firm subscribes to, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes:

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.
Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.