An application by HMRC for an appeal to be struck out was refused, as the appellant had already provided sufficient information, and the tribunal issued directions for HMRC to provide a statement of case.
In December 2012, the appellant subscribed to a syndicate. His investment was stated to be made up of a capital contribution and a loan. In January 2014, the appellant's self-assessment return for the tax year 2012/13 was submitted to HM Revenue and Customs (HMRC). It included self-employment losses of £340,997, of which £174,249 was claimed as sideways loss relief in the same tax year, and £176,748 was carried back to the previous tax year.
In December 2014, HMRC opened an enquiry into the appellant's tax return for 2012/13. On 3 May 2018, HMRC closed the enquiry and issued a decision letter refusing the claimed loss relief on several grounds. The appellant's then agents ('H') appealed and asked that the