In Mackay v Wesley [2020] EWHC 1215 (Ch), a Court of Appeal decision highlights the significant costs of being a trustee when tax planning goes wrong and a trustee finds themselves solely liable for the trust's tax liabilities.
SME Tax News
Draft legislation dealing with Off-Payroll Working in the Private Sector from April 2021 has been added to Finance Bill 2020 despite the recent conclusions by the House of Lords' Economic Committee that the rules are flawed and need a re-think.
In Chalcot Training Ltd v Ralph & HMRC [2020] EWHC 1054 (Ch), a test case, an attempt to reverse an ‘E Shares’ tax scheme failed. HMRC can now fully challenge the scheme through the tax tribunal.
In HMRC v Sippchoice Ltd [2020] UKUT 0149, the Upper Tribunal (UT) denied Income Tax relief for in specie contributions to a pension plan. Transfers of non-cash assets are not ‘contributions paid’.
The General Anti-Abuse Rule (GAAR) advisory panel has issued a new opinion on ‘Reducing an estate's value for inheritance tax via subscription for shares in a new company and gifting shares to an employee succession trust’.
Hello,
With lockdown restrictions gradually lifting, we thought we would feature some of our guides to alternative travel solutions this week. Even if you have your own transport for work, there is clearly still some way to go before we see any form of economic recovery, as indicated by the government’s decision to extend the employee furlough scheme for another three months.
HMRC have issued updated guidance on when taxpayers have a reasonable excuse for the late filing of returns or late payment of tax to specifically include being affected by Coronavirus.
In Amara Akhtar v HMRC [2020] TC7646, the First Tier Tribunal (FTT) found that a mobile care workers' mileage allowance relief claims were inaccurate but that the penalties charged should be reduced and suspended.
- Late payment penalty for partner payment notice
- Referees self-employed: No mutuality of obligations
- UK domiciled taxpayer denied closure and must provide information
- Research into tax avoidance scheme users
- COVID-19: Furlough scheme extended to October 2020
- Contractual early termination fee is trading income