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Upper Tribunal Tax and Chancery Chamber
UT (Tax & Chancery) UT-2024-000113 - [2025] UKUT 00165 (TCC)
Fecha: 08-Abr-2025
Derry SC
Derry SC
The application of Schedule 1B TMA to share loss relief claims under s.132 ITA (but not ICTA) was considered by the Supreme Court in Derry SC. The Court concluded that Schedule 1B did not apply to such claims. The FTT at [50] accurately summarised the issues before the Supreme Court in Derry SC, upon which summary, we cannot improve:
- Heading
- INTRODUCTION
- THE FTT DECISION
- THE GROUNDS OF APPEAL TO THE UPPER TRIBUNAL
- THE HEARING
- FACTUAL BACKGROUND
- FIRST SHARE LOSS RELIEF ISSUE The FTT identified the first issue in the following terms at [48(1)]
- The Law
- Schedule 1A to this Act shall apply as respects any claim or election which—
- Section 42(2) of this Act shall not apply in relation to the claim The claim shall relate to the later year
- the claim does not have to be made in the return (paragraph 2(2))
- for both tax years
- Otherwise the claim must specify either the year of the loss or the previous tax year
- This subsection explains how the deductions are to be made
- If an individual—
- Case law
- Section 42(2) of this Act shall not apply in relation to the claim The claim shall relate to the later year
- Derry SC
- There were two issues before the Court
- Outline of the Appellant’s case
- Discussion and Analysis
- Prior to the ITA all loss relief claims under ICTA were to be made or treated in a similar way – Schedule 1B TMA applied There is no doubt that Schedule 1B TMA applied to trade loss relief claims made under s.380 ICTA
- The ITA made a limited but material change in the law from ICTA on share loss relief claims
- Appellant’s other arguments considered
- Summary
- Conclusion
- SECOND SHARE LOSS RELIEF ISSUE
- The Law
- An officer of the Board may enquire into— a claim made by any person, or
- Cotter
- Derry CA
- Derry SC
- HMRC’s case in outline
- The present case should have been distinguished on its facts from Derry CA The Appellant’s case in outline
- Discussion and Analysis
- Derry CA not binding: the ordinary rules of precedent
- Distinguishing Derry CA
- Remaking
- THE CLOSURE NOTICE ISSUE
- The Law
- state that in the officer's opinion no amendment of the claim is required, or
- A closure notice takes effect when it is issued…”
- Case law
- Outline of the Appellant’s case
- Discussion and Analysis
- Conclusions