UT (Tax & Chancery) UT-2024-000113 - [2025] UKUT 00165 (TCC)

In summary, there are three primary reasons for agreeing with the FTT’s conclusion at [61]-[62]: first, the earlier authorities (De Silva,Knibbs and Derry SC) which confirmed that Schedule 1B TMA applied to s.380 ICTA trade loss relief claims and implied that Schedule 1B TMA applied to all loss relief claims under ICTA in similar fashion; second, the Supreme Court in Derry SC relied in part for its conclusion in relation to the ITA by the absence of express reference to Schedule 1B within the share loss relief provisions in ss.131-133 ITA in contradistinction to the references in ss.60(2) and 128(7); third, we have highlighted differences between the share loss relief provisions in ICTA and ITA which support there being a material change in the law in the way the relief was to be claimed – the self-contained code on share loss relief in ss.131-133 ITA is more detailed than s.574 ICTA and is more obviously complete on its own terms.