Following the Bank of England’s recent announcement increasing the base rate, HMRC have announced that their late payment interest rate will also increase by 0.25% to 3% from 21 February 2022.
SME Tax News
In Mumtaz Hussain v HMRC [2022] TC8366, the First Tier Tribunal (FTT) denied a claim for Private Residence Relief (PRR) on the sale of a former hospital. The taxpayer had not occupied the property as his main residence.
Missed our SME Tax Web-updates in January? Here is a summary of the month.
In Christopher Drake v HMRC [2022] TC08377, the First Tier Tribunal (FTT) found that a deposit lost on the acquisition of a lease that did not complete did not result in an allowable loss for Capital Gains Tax (CGT) purposes.
Hello,
Having filed the last set of outstanding Self Assessment returns, February is a time to get 'tax fit' with our Virtual Tax Partners' Tax Workouts.
In Urenco Chemplants Limited and Urenco UK Limited v HMRC [2022] UKUT 00022, the Upper Tribunal (UT) found that the First Tier Tribunal (FTT) had erred in law when deciding that certain expenditure on a nuclear deconversion facility was not eligible for capital allowances.
In MegaBlue Technologies (in liquidation) v HMRC [2022] TC08376, the First Tier Tribunal (FTT) dismissed an appeal brought for unfair treatment by HMRC as it was outside of the powers of the tribunal to rule on such matters.
In Dr Andrew Christie v Revenue Scotland [2022] FTSTC2, the First Tier Tribunal (FTT) for Scotland concluded Additional Dwelling Supplement (ADS) could only be reclaimed if the prior main residence had actually been physically been occupied as a residence. The fact that taxpayer could not occupy the property due to military posting did not change that position.
In Oisin Fanning v HMRC [2022] UKUT 00021, the Upper Tribunal dismissed an appeal against a £250,000 assessment for Stamp Duty Land Tax (SDLT), confirming that a sub-sale relief tax avoidance scheme used failed to meet the qualifying conditions for the relief to work.
In Kazitula Limited (in liquidation) v HMRC [2021] TC0476, the First Tier Tribunal (FTT) dismissed the appellant's request to lodge an out of time appeal against assessments and penalties for Corporation Tax and VAT on the basis that there was no reasonable excuse for the extended delay.