Tax updates: December 2017

This month's review of tax cases and tax news including HMRC assessment powers curbed by HMRC, late non-resident CGT filing appeal allowed in Saunders, Littlewoods loses £1,25bn interest payment dispute

HMRC assessment powers curbed by FTT

The Upper Tribunal (UT) in Revenue and Customs v Benham (Specialist Cars) Ltd [2017] UKUT 389 has allowed an appeal against the FTT decision in Benham (Specialist Cars) Ltd [2016] UKFTT 330 finding that Taxation of Chargeable Gains Act 1992 (TCGA 1992), s153A (4) does not give HMRC free-standing powers to tax chargeable gains, following the expiry of a declaration of intention to roll over the gains for which no actual claim for roll-over relief was made.

Benham incurred trading losses in its 2007 accounting period, some of which were set off against other income via a claim, under Corporation Taxes Act 1988 (ICTA 1988), s393A.

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HMRC assessment powers curbed by FTT

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