TC09515 - [2025] UKFTT 00525 (TC)

Under section 241 of the Income Tax Act 2007 (“ITA”), where a company has issued shares which have benefited from EIS relief, and an event occurs which means that one or more requirements for that relief is not met, the issuing company is obliged to provide HMRC with details of that event within 60 days of its occurrence.

Under section 242 ITA, where HMRC believe that a person has not given notice under section 241 ITA, HMRC may by notice require that person to provide them with such information relating to the event as is reasonably required by HMRC.

Under section 98(1)(b)(i) TMA, where a person fails to furnish information under section 241 ITA, that person is liable to a penalty not exceeding £300.

Under Rule 8(1) of the First-tier Tribunal (Tax Chamber) Rules 2009 (as amended) (“theRules”):

“The proceedings…will automatically be struck out if the appellant has failed to comply with a direction that stated that failure by a party to comply with the direction would lead to the striking out of the proceedings…”

Under Rule 8 (7):

“This rule applies to the respondent as it applies to an appellant except that-

(a)

a reference to the striking out of the proceedings must be read as a reference to the barring of the respondent from taking further part in the proceedings…”

Under Rule 8 (8):

“If a respondent has been barred from taking further part in proceedings under this rule and that bar has not been lifted, the Tribunal need not consider any response or other submissions made by that respondent and may summarily determine any or all issues against that respondent.”

Under Rule 33:

“If a party fails to attend a hearing the Tribunal may proceed with the hearing if the Tribunal-

(a)

is satisfied that the party has been notified of the hearing or that reasonable steps have been taken to notify the party of the hearing; and

(b)

considers that it is in the interests of justice to proceed with the hearing.”