In Diana Cuffie v HMRC [2021] TC08191, the First Tier Tribunal (FTT) dismissed the taxpayer’s appeal against failure to notify penalties in respect of the High-Income Child Benefit Charge.
SME Tax News
HM Treasury has published ‘UK Prospectus Regime: a consultation’. It overlaps with a similar paper from the Financial Conduct Authority (FCA), ‘Primary Markets Effectiveness Review, a consultation’ released on the same day.
In Neil McArthur & Thomas Bloxham v HMRC [2021] TC08186 the First Tier Tribunal (FTT) determined the market value of shares that had been gifted to charity after discounting the valuations offered by two conflicting expert witnesses.
The Ministry of Justice (MOJ) has launched a new consultation on probate fees which proposes a small increase to the current fees and a single flat rate fee regardless of who is making the application or the value of the estate.
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In this week’s web-update we note the end of the SDLT holiday, we look into the details of the newest COVID-19 grant, and look at cases on closing down tax enquiries as well as tax relief for repairs.
As we count down to the commencement of 'Making Tax Digital for Income tax' (MTD for IT) many of us are concerned over one aspect of quarterly reporting: how will we report income which is accounted for on different year-end dates?
The COVID-19 Stamp Duty Land Tax (SDLT) 'holiday' concluded on 30 June 2021. From 1 July, SDLT is payable on the acquisition of residential property costing more than £250,000. All is not lost for First Time Buyer's, they still receive relief and pay no SDLT on the purchase of their first property provided that the consideration is £300,000 or less.
In Gearslutz.com Limited & Julian Standen v HMRC [2021] TC08119, a company and its director failed to terminate a tax investigation with a Closure Notice. Enquiring into a suspiciously late capitalisation of intangible property after incorporation, the taxpayer had failed to provide HMRC with enough information to be able to raise valid assessments.
HMRC have made an unpublicised change to their guidance on how much of a non-domiciled person's foreign income or gains should be treated as remitted if it used as collateral for loans with a UK purpose.
HMRC have now provided access to a new online form to be used by companies to make de minimis claims under the new temporary extended loss carry-back rules.