Hello,
We have a new CPD and some practical tax guides for you this week, focusing on Partnerships and Stamp Duty Land Tax (SDLT). We also have a bundle of appeals against disallowance of tax relief under variations of the Enterprise Investment Scheme (EIS) as well VAT and ATED penalties.
In Coconut Animated Island Limited v HMRC [2022] TC08575, the First Tier Tribunal (FTT) held that despite meeting the risk to capital and qualifying activities conditions, there were disqualifying arrangements in place that meant that HMRC were right to refuse to issue a Seed Enterprise Investment Scheme certificate.
In HMRC v Priory London Limited and HMRC v Jocoguma Properties Ltd [2022] UKUT 00225, the Upper Tribunal (UT) overturned controversial decisions on ATED late filing penalties as such confirming that HMRC is entitled to notify schedule 55 late filing penalties retrospectively.
In Valyrian Bloodstock Limited v HMRC [2022] TC08578, the First Tier Tribunal (FTT) denied Enterprise Investment Scheme (EIS) relief to a business that bought and kept horses. The risk to capital condition was not met: there was no qualifying trade so no long-term objective to grow and develop a trade.
In Joshua Peter Taylor v HMRC [2022] TC8576, the First Tier Tribunal (FTT) confirmed that a taxpayer who incorporated his business just before the COVID-19 lockdown was not entitled to support payments under the Self-Employment Income Support Scheme.
The Museum and Galleries VAT refund scheme is to be reopened to new applicants for the first time in over three years. This will enable more museums and galleries which open free of charge to obtain VAT refunds on their expenditure.
The Office for Tax Simplification (OTS) has published a call for evidence ‘Review of hybrid and distance working’ which explores the emerging trends in working practices in the UK and across borders, and their interaction with existing tax rules.
Hello,
This week we have news of a new tax campaign, some new tax consultations, a case update on family partnerships and new VAT guides.
HMRC have confirmed that a number of current issues involving the filing of Corporation Tax returns will be solved on 16 September when an update to the Corporation Tax online service is rolled out. Issues ranging from claiming the extended AIA to R&D SME tax credits have meant some companies have been unable to file online as yet.
The Department of Health and Social Care (DHSC) has opened a consultation, 'NHS Pension Scheme: proposed amendments to continue the suspension of restrictions on return to work'. It seeks views on extending the suspension of tax charges on pension income.