UK Farmer Loses Challenge To Obtain Relief On Tax Bill
By Dylan Moroses (January 13, 2022, 4:45 PM EST) -- A lower court's decision to allow partial or full relief toward a farmer's £587,000 ($804,000) tax bill incorrectly allowed trade losses to offset income tax liability and should have been denied, the U.K. Court of Appeal said Thursday.
Ardeshir Naghshineh couldn't claim tax relief for the losses he suffered between tax years 2007-2008 to 2011-2012 as a result of running a commercial farm, and the first-tier tribunal incorrectly permitted him to claim tax breaks for 17 years' worth of losses, a three-judge panel unanimously found.
U.K. law allows for "sideways relief" in which trade-related losses can offset an individual's net income...
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