HMRC right to ignore loss claim in Cotter, court rules
Posted by mostafa on 6 November, 2013
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This item was filled under Tax
HMRC were entitled to ignore the taxpayer’s claim for loss relief in the controversial case of Cotter, the Supreme Court has ruled.
The matter centred on Maurice David Cotter, who filed a return for 2007/08 year, with the Revenue calculating an income and capital gains liability of £211,927.77.
His accountants submitted amendments to the return in January 2009, highlighting an employment-related loss of £710,000 in 2008/09, which the taxpayer claimed for 2007/08.
The taxman opened an enquiry under TMA 1970, schedule 1A. Cotter’s …