The Treasury Committee has issued 'Call for Evidence: Tax Reliefs'. This seeks views on the reliefs available for individuals as well as businesses and seeks to review the benefits they provide to the economy and ways in which they can be improved.
SME Tax News
In Jonathan Mark Slade & Jonathan James Slade v HMRC [2022] TC08548, the First Tier Tribunal (FTT) found the legal expenditure incurred defending rights to a number of assets collectively was not an allowable deduction for CGT purposes when one of those assets was sold alone.
HMRC have recently released annual statistical updates, one covering non-UK domiciled taxpayers and another covering Inheritance Tax (IHT) and associated reliefs. We summarise some of the key and interesting figures.
Missed our SME Tax Web-updates in July? Here is a summary of the month.
Hello,
The government’s extremely tardy response to its 2018 consultation on Employment Status reveals that it’s apparently too difficult to legislate to create a statutory employment test. A great opportunity lost, in my humble opinion.
After a six-month delay, HMRC has confirmed that declaring a capital gain on the disposal of a UK residential property under Self Assessment does not remove the requirement to file a 60-day property disposal return.
In Mr Bruce Firth & Mrs Rita Firth as Trustees of the L Bately 1984 Settlement v HMRC [2022] TC8542, the First Tier Tribunal (FTT) dismissed a claim for IHT Business Property Relief. The services provided by the 'apart-hotels' in question were not sufficient to prevent it from being an investment business.
HMRC have opened a consultation ‘Improving the data HMRC collects from its customers’, to explore options for improving the range of data collected directly from taxpayers. Proposals include measures requiring director/shareholders of close companies to separately identify, on their tax return, the dividends they receive from their company.
The General Anti-Abuse Rule (GAAR) Panel has issued its opinion on the use of group loans to avoid the s.455 loan charge, finding that although there was a gap in the legislation, its exploitation was not enough to apply the GAAR and the steps remained a reasonable course of action for the group.
In Carlick Contract Furniture Limited v HMRC [2022] TC08543, the First Tier Tribunal (FTT) ruled that Coronavirus Job Retention Scheme (CJRS) claims for two employees were not qualifying costs, whilst acknowledging that denying the claims seemed to be contrary to the spirit of the scheme.