On 5 July 2016 the Welsh Government published the draft Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill setting out proposals for the introduction of the Welsh Land Transaction Tax (LTT) which will replace Stamp Duty Land Tax (SDLT) in April 2018.
In Jane Borton t/a Contract Build v HMRC [2016] UKFTT TC05224 the First Tier Tribunal (FTT) agreed that the input VAT paid on the purchase of a car by a sole trader could be reclaimed.
In R King & Others v HMRC [2016] TC05163, the First Tier Tribunal (FTT) found that the members of an LLP could declare a different profit share in their personal returns if they believed that the figure in the partnership return was incorrect.
In Pattullo v HMRC [2016] UKUT 0270 the Upper Tribunal (UT) held that a discovery assessment into a CGT avoidance scheme was valid.
HMRC have issued their Agent Update for June 2016: we have summarised the key content for you with links to our detailed guidance on the topics covered.
HMRC has recorded a message on its phonelines to reassure taxpayers that the EU referendum result of Brexit heralds no immediate changes to the UK's tax system.
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