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
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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.
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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?