In Gary Ives v HMRC [2023] TC08989, the First Tier Tribunal (FTT) found that the appellant was not carrying on a trade by renovating and selling three successive properties. These were family homes subject to Capital Gains Tax (CGT) and, as such, Private Residence Relief (PRR) applied.
SME Tax News
In Access Contracting Services Ltd v HMRC [2023] TC08994, the First Tier Tribunal (FTT) found that a company had not taken reasonable care to comply with the Construction Industry Scheme (CIS) regulations. The FTT upheld HMRC’s assessment of CIS under-deducted from subcontractors.
The Chancellor announced the following measures on Stamp Taxes in his 2023 Autumn Statement.
The Chancellor, Jeremy Hunt, made his 2023 Autumn Statement speech at 12.30 today. Highlights of his speech follow here. Further details will be published by the government online via HMRC and Treasury channels following the speech.
HMRC have issued their Agent Update for November 2023. We have summarised the key content for you with links to our detailed guidance on the topics covered.
Hello,
We have another interesting selection of news, guides, and cases for you this week.
HMRC will commence a further One-to-Many letter campaign this month, targeted at taxpayers who incorporated their property business in 2017-18 and applied Incorporation Relief on the transfer, for Capital Gains Tax (CGT) purposes.
HMRC have published their latest One-to-Many letters campaign, this time focusing on the use of 'hybrid structures' by some landlords, involving an LLP. This planning was recently featured in HMRC's 'Spotlight 63'.