Losses arising due to tax investigation

Losses arising due to tax investigation

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Due to an investigation arising in 2007, rental losses in 2007 were claimed in December 2011 have not been allowed by the Revenue as being out of date. The investigation arose out of undeclared rental income. As this is not a normal declaration is the Inspector correct

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By johngroganjga
09th Sep 2014 10:58

I would have thought all this would be wrapped up in the settlement calculations.  Was this overlooked when the settlement was agreed?

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By Ronny123
09th Sep 2014 11:23

The inspector has proposed to adjust the self assement accounts for the years 2008 to date, except for 2007 which had losses. Also does the normal 4 year rule of claiming losses apply to tax investgation.

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By Paul D Utherone
09th Sep 2014 12:54

So he wants his cake & eat it then?

"I'll enquire into returns and amend the years where there's tax due but for the one where there are losses I'll close it with no amendment TMA 28A(2)(a)".

Hardly seems in the spirit of fairness, but when was that eve the case in tax?

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