In Howard & Monique Rawlings v HMRC [2022] TC08384, a couple failed in their attempt to claim that foreign exchange differences on a foreign currency mortgage were an allowable adjustment for Capital Gains Tax (CGT) purposes.
SME Tax News
The OECD has published a consultation 'Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard'. It is seeking views on bringing these new financial assets into the scope of the Common Reporting Standard (CRS). This affects the way in which banks and exchanges handle crypto accounts and payments.
In Jasper Alexander Thirlby Conran and another v HMRC [2022] TC08391, the First Tier Tribunal (FTT) agreed with HMRC that the sale of the designer's optical business for £8.25 million was overvalued. Without licences to use Jasper Conran's valuable trade marks, the actual market value was just £1. The amount paid was not a distribution or subject to CGT for Mr Conran and the buyer, a related company was denied relief under the Intangibles rules.
The House of Commons Public Accounts Committee (PAC) recent enquiry into the 'HMRC's Management of Tax Debt' reveals that the PAC is not confident that HMRC has adequate plans in place in order to solve the £6.2 million tax debt crisis. It sets out its own recommendations.
HMRC has updated form 64-8. Agents are advised to use the new form from 31 March 2022 on. Form 64-8 is the form used to authorise a tax agent to act on your behalf. The new form now allows a combined registration for PAYE and CIS online services
In HMRC v Tasca Tankers Limited [2022] UKUT 00088, the Upper Tribunal (UT) held that the First Tier Tribunal had been wrong to strike out an appeal on the basis of no reasonable prospect of success. The judge failed to consider HMRC's case and refused the application without a valid reason.
The Office of Tax Simplification (OTS) has published an online survey and a Call for Evidence as part of their Review of Property Income. The aim is to see if the current and often complicated regimes for the taxation of residential property can be simplified. The key area of review is the receipt of residential property income.
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This week we take a closer look at measures announced in Chancellor Rishi Sunak's 2022 Spring Statement, we have a new Agent update, late payment interest rises and list of targets in the sanctions list is expanded even further.
Chancellor Rishi Sunak made his 2022 Spring Statement on 23 March 2023. Headline grabbers were a cut in the National Insurance threshold for employees, a future cut in Income Tax and another freeze on fuel duty.
Chancellor Rishi Sunak made the following announcements on Debt Management in his Spring Statement on 23 March 2022. His ‘Debt management report’ fulfils the annual requirement in accordance with the ‘Charter for Budget Responsibility'.