MEANING OF CONSIDERATION IN CALCULATING CAPITAL GAINS IN DAY & ANOR

摘要

In Day & Anor v Revenue & Customs [2015] UKFTT 142 (TC) Mr Day and Ms Dalgety owned several properties selling three of them in 2006-07. Neither of them reported the disposals properly on their tax returns. Two of the properties were rental properties and one was claimed to be the private residence for Mr Day. HMRC raised discovery assessments in January 2012 using the extended Taxes Management Act 1970 (TMA 1970), s36 time limits under careless behaviour. On appeal, the FIT upheld HMRC's assessments and considered the quantum of the assessments.