In M & E McQuillan v HMRC [2016] TC05074 redeemable non-voting shares carrying no right to a dividend were not counted as ordinary shares for CGT relief on the basis that no right to a dividend amounted to a fixed rate dividend of 0%. This finding is contrary to HMRC's manuals.
Accountant error leads to tax penalty
In Bernard Bediako v HMRC [2015] TC05054 an accountant's misunderstanding of self assessment and the appeals procedure resulted in a tax penalty for the taxpayer.
Treasury Committee concerned over software costs of Making Tax Digital
The Chairman of the House of Commons Treasury Committee has written an open letter to David Gauke, the Financial Secretary to the Treasury, raising concerns about the implementation costs for businesses of the Making Tax Digital proposals.
LDF: yield still rising
HMRC has updated its yield statistics for the Liechtenstein Disclosure Facility (LDF). It seems that the number of disclosures has risen slightly as the facility winds down and the average disclosure level follows a very, very smooth straight line upwards.
Consultation roundup: April 2016
HMRC launched six consultations on 20 April 2016, and closed its 'top secret' one on 22 April. We summarise the issues for you.
Gift Aid Small Donations Scheme: new condoc
HMRC has published a new consultation on potential reform options for the Gift Aid Small Donations Scheme (GASDS). It builds on the recent Call for Evidence which sought views on how the scheme is working and how it could be improved.
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