The taxpayer has lost his appeal in Newfield v HMRC  UKFTT 116 (TC).
CAPITAL GAINS TAX – disposal of a property which had been beneficially owned by the Appellant’s trustee in bankruptcy for some part of the period between the Appellant’s initial acquisition and completion of the disposal of the property – whether Section 66 of the Taxation of Chargeable Gains Act 1992 applied to deem the property to have been held by the Appellant throughout the period in which beneficial ownership of the property was vested in the trustee in bankruptcy – yes – whether the Respondents were estopped from assessing the Appellant to capital gains tax on that basis because of representations made by the Respondents during the course of the dispute – no – assessment upheld and appeal dismissed.
As the FTT concluded:
“The Appellant cannot rely on the doctrine of promissory estoppel to defeat the assessment in this case and we find for the Respondents in relation to the Estoppel Issue.”
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Written for accountants and other tax advisers at an intermediate level, Capital Gains Tax is built firmly on a foundation of statutory rules and case law principles. It is illustrated throughout with practical examples, and most chapters include a summary of pitfalls and planning points.