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Tax updates: September 2014

In our monthly round-up of major tax cases and news, Sharon Khin assesses Rusling ruling on discovery assessments, loss of tax attributable to accountant’s negligence in Rotberg and sub-postmaster termination payment deductions disallowed, while Scotland hints at 17% corporation tax rate

Case report: discovery assessments validly raised rules in Rusling

Rusling v Revenue & Customs [2014] UKFTT 692 (TC) concerned discovery assessments raised by HMRC for tax on interest received by Mr Rusling on loans he had made in the belief that he was lending money to a firearms company to fund the acquisition of trading stock. However, unbeknown to him the loans were part of a fraudulent Ponzi scheme which led to Rusling losing a large sum of money.

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