A taxpayer who incorrectly claimed tax relief in his tax return has overturned a £14,000 penalty after a tribunal ruled his accountant was to blame for the careless error.
In the case - J R Hanson and the commissioners for HMRC (UKFTT 314) - Mr Hanson’s 2008/09 tax return was completed on his behalf by an accountancy firm, Clarke Broome Fleming (CBF). The return indicated a claim for relief for a disposal of loan notes received as part of the sale of a business but did not give more detail.
About Nick Huber
I’m a specialist business journalist and have a particular interest in tax and technology.