A couple who made a very "chancy" Capital Gains Tax (CGT) claim have lost their £63,000 appeal to HMRC. John and Janet Beesley initially failed to declare a disposal of a property (investors take note - solicitors are legally obliged to report property transactions and HMRC make use of this data). Then their tax agent declared the disposal but submitted a claim to reduce the tax payable. You can generally reduce your CGT bill by off setting the acquisition price and the costs involved in the acquisition and disposal. However, the Beesley's tried to claim mortgage redemption and a personal guarantee as allowable deductions, which any decent accountant would have told them was not allowable. When HMRC advised them of this, they appealed it. Not unsurprisingly the tribunal found in favour of HMRC and the Beesleys now have to pay the £63,000. 

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