In Muller UK & Ireland Group LLP & Ors v HMRC [2023] TC08742, the First Tier Tribunal (FTT) held that a Limited Liability Partnership (LLP) was related to all of its corporate members despite not being a 'company'. As a consequence, the relief claimed for the amortisation of Intellectual Property (IP) acquired from those companies was denied.
SME Tax News
In The Executors of the estate of Peter John Linington & Anor v HMRC [2023] TC08717, the First Tier Tribunal (FTT) found that a reversionary interest in a trust was not excluded property. When the reversionary interest was assigned to another trust, this was a transfer of value for Inheritance Tax (IHT) purposes.
In Jeremy Coller v HMRC [2023] TC08738, the First Tier Tribunal (FTT) found the appellant, a leading venture capitalist, had a Domicile of Origin in the UK. He was unable to claim the remittance basis of taxation.
In Timothy Norton & Tim Norton Motor Services Ltd v HMRC [2023] UKUT 00048, the Upper Tribunal (UT) found that cars were made available to a director and subject to Benefit In Kind charges despite being untaxed and a declared SORN.
The government has extended the voluntary National Insurance contribution deadline again, from 31 July 2023 to 5 April 2025. This gives taxpayers more time to fill gaps in their records to maximise their future State Pension benefits.
Hello,
This week we consider how landlords can cheaply top up their entitlement to the State pension and we have new CPD covering the taxation of couples. We review HMRC's Stamp Duty Newsletter from HMRC and a couple of case reports which show what happens when professional advice goes wrong. We also have updates on capital gains reporting and the tax treatment of compensation received by postmasters.
In Stephane Etroy & RBC Trust Company v Speechly Bircham LLP [2023] EWHC 386, the High Court (HC) found a claim arising from negligent advice was not time-barred despite it being brought 12 years after the advice was given.
HMRC have released a Stamp Taxes Newsletter in February 2023. This is our enhanced version with links to more detailed guides.
In Dr Syed Rizvi v HMRC [2023] TC08731, the First Tier Tribunal (FTT) found discovery assessments had been raised in time as while the taxpayer had not been careless in relying on his accountant, that accountant had acted carelessly.
What sort of landlords pay Class 2 National Insurance Contributions (NICs)? HMRC have devised a simplistic approach to the problem: they place landlord activities as falling into three different 'tiers'. The only issue with such an approach is that neither tax legislation nor past case law reveals a three-tier test.