s131 claim not allowed

s131 claim not allowed

Didn't find your answer?

i havetaken on a case where HMRC have not allowed a s131 claim , i am going to ask  for an appeal hearing , how long will this take to be listed - also anyone know a good barrister to deal with this sort of case, thanks

Replies (4)

Please login or register to join the discussion.

avatar
By blok
24th Jul 2012 15:50

.

What reason was given by HMRC for not agreeing the loss?  was it the trading argument or was it how the shares came to be acquired.

The rules of s131 are quite clear so I am surprise there is a differenec of opinion unless the difference of opinion is around "trading" status of the company. 

Share valuation issues are not, I believe, a matter for the tribunals.

 

Thanks (0)
avatar
By carnmores
24th Jul 2012 16:43

thanks

basically the Co Sec did not issue the 88(2)s and the companies have now been struck off - my approach is to have the companies restored to the register and teh 88(2)s then issued and take it from her , but i thought a baristers opinion appropriate? BTW clients investment was £200k

 

also he said that the trading had stopped before the money went in , that is specious

Thanks (0)
avatar
By blok
24th Jul 2012 17:03

.

whoops !

I would imagine that it the burden of proof will lie with the taxpayer to show that he has indeed subscribed for the shares and incurred a loss.

I am not sure how restoring the company would help?  Do you have any communication to prove the fact or perhaps the statutory accounts make it obvious?  

 

Thanks (0)
avatar
By carnmores
26th Jul 2012 13:52

thanks again

loads of correspondence - if you restore the companies then the 88(2)s can be issued altho HMRC may objecto that it was how it should have been

Thanks (0)