Mansworth v Jelley losses – update

At the last two HMRC CGT Liaison Group meetings, concern has been expressed by representative bodies about progress in resolving Mansworth v Jelley open cases. HMRC suggested a meeting with representative bodies. The meeting was due to take place on 10 July but unfortunately has now been postponed by HMRC, probably until after the holiday and Olympic season. In the meantime HMRC have asked representatives to prepare a short paper summarising concerns covering the legitimate expectation issue and how it applies in this context (and any wider impact on how HMRC guidance is to be relied upon), as well as practical issues arising from HMRC‘s letter of 10 February 2012 (see http://www.tax.org.uk/tax-policy/Topics/CGT/Capital+Loses_Mansworth_Jelley). Please send any comments or experiences in practice with Mansworth v Jelley cases to feed in to this paper or the meeting once re-arranged, to technical@ciot.org.uk with ‘Mansworth v Jelley losses’ in the subject line.

Technical Team

16 July 2012