10th December 2019
The Applicant appeals the order of Upper Tribunal Judges Mr Justice Nugee and Judge Nicholas Aleksander dated 17 July 2018, whereby it dismissed an appeal by the Applicant against a decision of the First Tier Tribunal (FTT).
The appeal concerned the correct taxation of capital gains, specifically the operation of provisions in relation to a relief called `corresponding deficiency relief’ (`CDR’). The particular question is whether the Applicant, Mr Scott’s, capital gains for the tax years 2006/067 and 2007/08 are taxable at a rate of 40% or 20%. The FTT accepted the argument put forward by HMRC that the capital gains were taxable at a rate of 40%.
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