Tax analysis: In Loughrey v HMRC, the First-tier Tax Tribunal (FTT) held that HMRC were not entitled to make a discovery assessment as the taxpayer had taken reasonable care and an HMRC officer could reasonably have been expected to be aware of the tax loss. Real time information (RTI) was found to be available information for the purposes of section 29(5) of the Taxes Management Act 1970 (TMA 1970).
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