In Qubic Tax and others v HMRC [2020] TC7701, HMRC successfully made information requests on tax advisers selling and engaging in tax avoidance schemes in order to check on commission payments made to introducers and the validity of the tax schemes.
SME Tax News
In Michael Hamilton Bowack and Ann Jennifer Bowack v Claire Vera Saxton [2020] EWHC(Ch) 1049, the High Court found that discretionary trusts were validly set up despite serious defects in the documentation.
In Salman and Asma Tufail [2020] TC7691, the First Tier Tribunal (FTT) dismissed appeals against HMRC’s refusal to allow late claims for trade loss relief. No enquiry had been opened so it did not have the jurisdiction to consider the refusal.
Hello,
The government has been tweaking many of its Coronavirus support grants, funds and other measures in the last week. It is worth having a read through our Government Support Tracker for recent updates and additions. My highlights of the latest news are as follows:
In Keith Fiander and Samantha Brower V HMRC [2020] TC7676, the First Tier Tribunal (FTT) decided that an annexe was not a separate dwelling for Stamp Duty Land Tax (SDLT) Multiple Dwellings Relief (MDR). There was no door separating the house from its annexe.
In Fish Homes Ltd V HMRC [2020] TC7666, the First Tier Tribunal (FTT) held that the purchase of a non-commercially lettable flat was a dwelling for the purposes of Stamp Duty Land Tax (SDLT).
In Bostan Khan v HMRC [2020] UKUT 0168, the Upper Tribunal (UT) rejected a taxpayer’s argument that a company purchase of his shares was not a distribution as it was part of his wider agreement to purchase a controlling interest in the company.
In HMRC v Vermilion Holdings Limited v [2020] UKUT162, the Upper Tribunal (UT) held that share options granted to a director were Employment-Related Securities. The employment did not have to be the sole reason for the grant of the options, it was enough that it was one of the reasons.