H A Hashmi and others v HMRC

In H A Hashmi and others v HMRC [2018] UKFTT 12 (8 January 2018) the FTT found that the appellants’ failure to declare a capital gain had been deliberate so that the discovery assessment relating to the undeclared amounts was valid.

The three appellants (who were a husband a wife and their son) carried on a business supplying goods and services relating to plumbing. HMRC had raised discovery assessments on each of them in relation to the capital gain realised on the sale of a property in Dubai which the appellants had not declared.

The appellants had been introduced to an investment opportunity which had involved the off-plan purchase of properties under a memorandum of understanding which provided for three payments staggered in time. They contended that they did not know what they had invested in. They had treated the...