In Lady Lloyd-Webber and Lord Lloyd-Webber v HMRC [2019] TC7488, the First Tier Tribunal allowed relief for payments on a failed off-plan villa purchase. There was a disposal of contractual rights and the capital losses were allowable.
SME Tax News
We are celebrating this festive time of year with a Christmas Selection Box of different tax reliefs and exemptions. As it is the time for giving and sharing, we hope that our "Box" will save you pounds rather than adding them!
Hello,
This week we have a new Agent Update, we open more of our Christmas Selection box and we have a good look at goodwill and valuations.
Following the scrapping of this year’s main budget statement due to the general election, the two main parties have both stated their intention to hold the next budget in February 2020.
In Mr Steven Flashman v HMRC [2019] TC7419, the First Tier Tribunal found that a loss on a Loan to a trader was not allowable. There was no evidence that a loan ever existed.
After the announcement that the loan charge review report is not expected until after the general election, HMRC have issued more guidance on how taxpayers in the process of reaching a settlement should deal with it in their 2018/19 tax returns.
In Oriel Developments Ltd v HMRC [2019] TC7306, the First Tier Tribunal allowed an appeal despite an invalid Rollover Relief claim. The discovery assessment raised was stale so was not valid.
As we begin the count down to Christmas, this is the second gift from our Festive Selection Box of different tax reliefs and exemptions.