Legal News

Discovery assessment and market valuation of unlisted shares (Anderson v HMRC)

Published on: 25 May 2016
Published by: LexisPSL
  • Discovery assessment and market valuation of unlisted shares (Anderson v HMRC)
  • Original news
  • What was this case about?
  • What did the FTT decide?
  • Discovery of an insufficiency of tax and newness of the discovery
  • Carelessness
  • What should tax lawyers take note of?

Article summary

Tax analysis: The First-tier Tax Tribunal (FTT) held that HMRC’s discovery assessment was invalid because the appellant acted as a reasonable and prudent taxpayer would have done in his circumstances when he adopted a market valuation for his unlisted shares based on a genuine unconnected third party offer for his shares. or take a trial to read the full analysis.

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