Follow HMRC Advice At Your Own Risk Says Jonathan Gifford Partner at Haines Watts North Devon LLP

A recent tax case involved a lady that sold some shares and tried to claim a capital gains tax rollover relief on the arising gain.
The lady had, via her accountant, obtained confirmation from HMRC that the relief could be claimed. However, once her tax return was submitted, HMRC amended the return and removed the relief claimed.

This case gives great cause for concern; surely a taxpayer can be entitled to rely on advice received from the tax authorities!? The importance of taxpayers selecting an experienced and qualified tax professional is highlighted clearly in this case – penalties and interest charged by HMRC for errors can be substantial, and HMRC do not always give the correct advice when contacted. Contact us today for a free Golden Hour with one of our partners.

Jonathan Gifford
Haines Watts North Devon LLP