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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 16711
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Challenging HMRC decision Section 16 TCGA 1992 I failed to

Customer Question

Challenging HMRC decision Section 16 TCGA 1992
I failed to disclose a loss in 2009-2010 tax year and HMRC refuses to allow me to offset the loss now
In 2011 I sold a property in Bulgaria and made a capital loss of £33,000. Being very naive of tax affairs I did not report the loss to HMRC. In 2017 I sold my Buy to let property in the UK. This prompted me to complete my first ever self assessment tax and submitted to HMRC. As a consequence of this I also realised I would have to make a disclosure (under the let property campaign) for the buy to let rental business. After a lot of research, HMRC have accepted that I made a loss on the UK Buy to let property each year and have agreed with my workings. However, whilst researching the disclosure and building evidence I realised that I could have set the capital loss made with the sale of the bulgarian property against the capital gain in 2017. However, due to ignorance I did not notify HMRC of the loss within 4 years from 2011. HMRC have refused to carry forward the loss. Are there any possible reasons how I might appeal this e.g. Under the terms of the let property campaign or by pleading ignorance?
Submitted: 4 months ago.
Category: Tax
Expert:  TonyTax replied 4 months ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Expert:  TonyTax replied 4 months ago.

I don't want to make this appear as simple as it is but you have no chance in getting the loss allowed I'm afraid. You are simply out of time. Ignorance of the law is no excuse as far as HMRC is concerned and the let property campaign won't help you either.

You could ask for a tribunal hearing but the law is quite clear on this and I doubt you'd get one because of that. There are no grey areas.

The rules on Overpayment relief:Special relief are here but I cannot see you being successful by using this.

I hope this clarifies the matter for you but let me know if you have any further questions.

Expert:  TonyTax replied 4 months ago.


I'm just following up to find out if my answer helped or if you have any further questions. If not, would you mind rating my answer so that I get credited for my work.