An attempt to claim Entrepreneurs’ Relief on a disposal of goodwill to a close company was denied by the First Tier Tribunal (FTT). It was found that there was no unconditional contract to sell the business prior to 3 December 2014.
SME Tax News
The Upper Tribunal (UT) confirmed that family trusts that had engaged in a tax planning arrangement known as the 'round the world' scheme were not based in Mauritius at the time of a disposal for Capital Gains Tax (CGT) purposes and the gains were properly taxable in the UK, the actual Place Of Effective Management (the 'POEM').
Employers, Shareholders in Owner-Managed Businesses (OMBs) and Self-Employed individuals will be required to disclose a range of new information to HMRC from 6 April 2025.
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Employers may appreciate changes as to how advance payments on salaries and wages will be treated from 6 April 2024 under Real-Time Information Reporting (RTI). New rules simplify payroll reporting.
A two per cent minimum wealth tax on billionaires has been proposed to G20 members by the chairman of the G20, Brazilian Finance Minister Fernando Haddad. Based on research from the EU Tax Observatory, he said the primary aim of the proposed tax would be to tackle rampant tax evasion.
A new consultation considers the way that the UK will implement the OECD Cryptoasset Reporting Framework and amendments to the Common Reporting Standard. It seeks views on the extensions to domestic reporting.
In a case with a twist, HMRC used their Schedule 36 Information Powers to request the relevant data of an opaque offshore entity. This sort of request should become less frequent since the UK introduced a Register of Overseas Entities.
HMRC's new consultation on raising standards in the tax advice market and strengthening the regulatory framework, focuses on automating tax registration for agents. It also outlines proposals for strengthening the regulations, its administration and enforcement. The new rules will affect 85,000 tax advice firms.