Legal News

Forfeited deposit was not a capital loss (Hardy v HMRC)

Published on: 27 July 2016
Published by a LexisNexis Tax expert

Table of contents

  • Original news
  • What was this case about?
  • What did the tribunal decide?
  • What should tax lawyers take note of?

Article summary

Tax analysis: The Upper Tribunal (UT) has held that a taxpayer who forfeited a deposit when he was unable to complete a property purchase could not claim an allowable loss for chargeable gains purposes.

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