SME Tax News

Hello

This time we have a capital taxes round-up. We look at the options of those thousands of taxpayers who still have Employee Benefit Trust loans, we review some topical cases and we have new CPD.

In BlueCrest Capital Management Cayman Limited (& others) v HMRC [2020] TC 07782, the First Tier Tribunal (FTT) agreed that the sale of occupational income rules could apply to charge Income Tax on partnership capital contributions.

The House of Commons’ Public Accounts Committee (PAC) has published its report on the 'Management of Tax Reliefs'. It concludes that HMRC and HM Treasury need to improve their reporting on the cost, beneficiaries and impact of tax reliefs so that parliament can scrutinize the value for money of these benefits.

In Oisin Fanning v HMRC [2020] TC07776, the First Tier Tribunal (FTT) found that HMRC's discovery assessment was validly issued. The assessment represented a 5% SDLT charge on the purchase price of a £5 million property in London. Mr Fanning (the taxpayer) had used an avoidance scheme involving a sub-sale relief and grant of options.

We have vacancies for a tax writer/editor focusing on SME and OMB tax, a vacancy for a VAT writer and we are also looking for a SME tax adviser.

Hello

This week we feature a handy summary of the government's latest measures for re-booting the economy. We also review cases with an employment theme, we revisit the High-Income Child Benefit charge and have a look at some cases where VAT exemption for medical treatments was in question.