![UT (Tax & Chancery) UT-2024-000113 - [2025] UKUT 00165 (TCC)](https://backend.juristeca.com/files/emisores/logo_ICfrj4g.png){kind=logo}
Upper Tribunal Tax and Chancery Chamber
UT (Tax & Chancery) UT-2024-000113 - [2025] UKUT 00165 (TCC)
Fecha: 08-Abr-2025
for both tax years
for both tax years.
(See Step 2 of the calculation in section 23.)
If the claim is made in relation to both tax years, the claim must specify the year for which a deduction is to be made first.
- 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