HMRC raised discovery assessments on Mr Omar in relation to the transfer of properties in 2005 and 2006 to a FURBS (Unapproved Pensions Scheme).
Mr Omar said HMRC had enough information from the relative tax returns to understand what had happened in 2005 and 2006. Therefore he claimed that “discovery” assessments could not be raised by them.
Mr Omar had written some narrative about transactions in the relevant tax returns but the Tribunal held:-
- His entries did not disclose who were members of the FURBS
- The entries contained no detail about the potential tax treatment of the transfers
- They did not disclose who the properties were allocated in within the FURBS
Mr Omar lost the case because his disclosures were not detailed enough.