UT/2022/000120 - [2024] UKUT 00021 (TCC)

Case Number: UT/2022/000120

Rolls Building, London

INCOME TAX – Penalty under s208 Finance Act 2014 issued after issue of follower notice in relation to arrangements said to give rise to loss on “relevant discounted securities” (Schedule 13 Finance Act 1996) – whether FTT erred in its approach to holding judicial ruling (Audley v HMRC) was “relevant” to taxpayer’s arrangements because it had regard to “post-Ramsay analysis” facts rather than primary facts – no – appeal dismissed

Judgment date: 22 January 2024

Before

JUDGE SWAMI RAGHAVAN

JUDGE JENNIFER DEAN

Between

KEVIN JOHN PITT

Appellant

and

THE COMMISSIONERS FOR HIS MAJESTY’S REVENUE AND CUSTOMS

Respondents

Representation:

For the Appellant: Michael Avient, Counsel, instructed by Price Bailey LLP

For the Respondents: Nicholas Macklam, Counsel, instructed by the General Counsel and Solicitor to His Majesty’s Revenue and Customs

DECISION