Rectification on grounds of mistake available for partial surrender of insurance policies (Upper Tribunal) | Practical Law
The Upper Tribunal has overturned a decision of the First Tier Tribunal, holding that rectification on the grounds of mistake is available where an individual partially surrendered life policies and inadvertently triggered a chargeable gain under section 507 Income Tax (Trading and Other Income) Act 2005 (Lobler v HMRC [2015] UKUT 0152 (TCC)).