The Office of Tax Simplification (OTS) has published a new policy paper ‘OTS Review of tax simplification’ setting out what drives tax complexity and how officials making tax policy can work to prevent or mitigate that complexity.
SME Tax News
HMRC have published their list of tax avoidance litigation decisions for the 2021-22 year. This identifies the results in litigation decisions where HMRC considered that tax avoidance was involved. The summary indicates a high win rate for HMRC.
A growing number of commentators are noting that investing in a crypto-asset, such as, for example bitcoin or stablecoin is in reality no different to investing in a 'get rich quick' Ponzi scheme. Its noted that decentralised finance (DeFi) based on blockchain technology has created a massive shadow banking system. There are signs that this industry unfolds as interest rates increase.
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This week questions have been asked as to whether some of the Conservative leadership candidates' plans for tax cuts are viable. Others are asking how can tax help us reach Net Zero? What do you think about crypto-assets: uncanny investment opportunities or no better than a Ponzi Scheme?
The Climate Change Committee (CCC) has published ‘Progress in reducing emissions 2022, Report to Parliament’. In part, it calls on HM Treasury to review the tax system as to how it can best support the transition to Net Zero.
There is evidence that wording on Inheritance Tax (IHT) claim form IHT436 has lead to some executors underclaiming relief for the transfer any unused residence nil rate band (RNRB) on IHT returns and HMRC is not picking up the error.
The Confederation of British Industry (CBI) has warned candidates for the Conservative leadership to develop serious, credible and bold plans for growth and that,“Tax changes must trigger business investment, not fuel inflation”.
The Treasury Select Committee has launched an inquiry into the Crypto-Asset industry which will explore the role, opportunities and risks that crypto-assets offer consumers and businesses.
The Office for Budget Responsibility (OBR) has published a new report, ‘Fiscal risks and sustainability’ which highlights current and potential pressures on the UK public finances, including how this may affect taxes.
In Bluecrest Capital Management (UK) LLP v HMRC [2022] TC8529, the First Tier Tribunal (FTT) held that the salaried members' rules applied to payments made to members of an LLP as disguised salary. Certain bonus payments escaped the rules as the recipient members had significant influence over the Partnership.