HMRC have published the responses to their Consultation ‘Income tax on low-income trusts and estates’ which sought views on legislative proposals to remove Income Tax liabilities from low-income trusts and estates and how proposed changes might impact beneficiaries.
SME Tax News
Sir Keir Starmer published details of his taxable income and gains last week, following the disclosure by the Prime Minister, Rishi Sunak of his tax returns. Sir Keir's income and gains are straightforward and we ran them through our software to reconcile back to an exact breakdown of his tax bill.
Hello,
This time we have a slightly unusual case study in personal tax, we consider the effect of making a mistake in a COVID-19 support payment claim, we look at tax refunds, and tax agents and the courts have been busy with VAT appeals.
The Chancellor announced the following measures on raising standards in tax advice in his Spring 2023 Budget.
How is a Prime Minister taxed? In the interests of transparency, Prime Minister Rishi Sunak has published details of his taxable income and chargeable gains for the last three years. We compare his income and gains to our tax guides, to see which ones will help him shave a quid or two off his tax adviser's fees for next year!
In Luca Delivery Limited v HMRC [2023] TC8752, the First Tier Tribunal (FTT) heard an appeal against a reclaim of a cash grant paid under the Coronavirus Job Retention Scheme (CJRS). It found that failure to meet the scheme conditions was due to a mistake by the taxpayer’s accountants and that was no defence. It did not allow the claim to be validated.
Spring Budget 2023 has seen the release of the summary of responses to the Audio-visual tax reliefs consultation. The Government will release draft legislation for stakeholder comment as part of L-day.
HM Treasury has published a summary of responses to its earlier call for evidence ‘Enterprise Management Incentives’. Feedback on the scheme was generally positive, but additional support for high-growth companies is proposed, along with administrative easements.
The Chancellor announced the following measures on Charitable reliefs in his Spring 2023 Budget.
HM Treasury has opened a new consultation on the Taxation of environmental land management and ecosystem service markets and the potential expansion of Agricultural Property Relief (APR).