JQ v Her Majesty's Revenue and Customs (TC): [2020] UKUT 340 (AAC)
Upper Tribunal Administrative Appeals Chamber decision of Judge Jones on 18 June 2020
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Judicial Summary
Tax Credits – Child Tax Credit - no valid claim for capital allowance by the time Her Majesty’s Revenue and Customs made its decision on his entitlement to tax credits - not operating or carrying on any overseas property business at the time of the decision and expenditure on a property could not constitute a permissible capital allowance - Regulation 3(8) of the Tax Credits (Definition and Calculation of Income) Regulations 2002 - s.120 of the Income Tax Act 2007 (“ITA 2007”) – s. 263 & 265 Income Tax (Trading and Other Income) Act 2005 - s.3 of the Capital Allowances Act 2001 – appeal dismissed - FTT correct to find that no reduction should have been made from Appellant’s income for property purchased in Ghana when entitlement to tax credits was assessed.