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Where Taxpayers and Advisers Meet

20 plus years ago!!

davidkypros
Posts: 4
Joined: Thu Sep 12, 2013 6:13 pm

20 plus years ago!!

Postby davidkypros » Sun Sep 29, 2013 10:29 am

I have assets in excess of my income due to inheritance/gifts but cannot fully corroborate this, does this mean I have to pay tax? How do I prove a build-up of assets over 20 years ago or does HMRC have to take my word for it? With thanks.

maths
Posts: 7550
Joined: Wed Aug 06, 2008 3:25 pm

Re: 20 plus years ago!!

Postby maths » Sun Sep 29, 2013 12:01 pm

does HMRC have to take my word for it?
.....probably not.........they tend to think taxpayers lie.......

vector
Posts: 39
Joined: Wed Aug 06, 2008 3:42 pm

Re: 20 plus years ago!!

Postby vector » Tue Feb 03, 2015 10:55 pm

Yes ...very amusing...and true. I would however argue that in the absence of any evidence HMRC can prove HMRC have to accept your response. innocent until PROVEN guilty BEYOND ( emphasis) reasonable doubt.

bd6759
Posts: 3094
Joined: Sat Feb 01, 2014 3:26 pm

Re: 20 plus years ago!!

Postby bd6759 » Wed Feb 04, 2015 8:20 pm

Yes ...very amusing...and true. I would however argue that in the absence of any evidence HMRC can prove HMRC have to accept your response. innocent until PROVEN guilty BEYOND ( emphasis) reasonable doubt.
HMRC can make an assessment if they have reason to believe that income has been omitted or understated. All that is needed is a reasonable belief, and having assets beyond your means could support such a belief.

In a tax appeal, you are the appellant. It is your job to show the assessments are excessive, it is not for HMRC to show that they are not. Beyond reasonable doubt doesn't come into it, the standard of proof is the civil standard - the balance of probabilities.

In answer to the question "how do I prove a build-up of assets", it should not be too difficult to prove you received an inheritance.

wamstax
Posts: 1869
Joined: Wed Aug 06, 2008 3:39 pm
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Re: 20 plus years ago!!

Postby wamstax » Wed Feb 04, 2015 11:28 pm

And there are tax appeal cases where an unexplained accretion of wealth was enough to justify and confirm HMRCs assessments made to the best of their judgement and belief and as bd6759 says on the balance of probabilities
regards and hope this helps
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