Notices given to two partners on the closure of a partnership tax return enquiry were effective to amend the self-assessments of the first appellant partner but not the second.
Summary
Notices given to two partners (under TMA 1970, s 28B(4)) on the closure of a partnership tax return enquiry were effective to amend the self-assessments of the first appellant partner but not the second.
Background
The appellant taxpayers (ZA and IRS) were each members of a limited liability partnership (LLP) in which they invested with the purpose of generating trading losses in the tax year 2004/05 for offset against their other taxable income for that or previous years. As intended, the LLP purportedly made a substantial trading loss in the tax year 2004/05.
ZA