In Cheshire Cavity Storage 1 Ltd & Anor v HMRC [2021] UT 0156, the Upper Tribunal (UT) dismissed the appellants appeal against the FTT decision denying a capital allowances claim on the creation of underground storage cavities for the storage of gas.
SME Tax News
In Andrew & Tiffany Doe v HMRC [2021] TC08003, the First Tier Tribunal (FTT) dismissed the appellants appeal against an HMRC closure notice denying Multiple Dwellings Relief (MDR) on the purchase of a property with annexe. The FTT also concluded the HMRC enquiry had been raised within the required time limits.
In Ball Europe Limited v HMRC [2021] TC8010, the First Tier Tribunal (FTT) prevented HMRC from making a late £11.05 million Corporation Tax assessment in respect of a loan relationships mismatch because HMRC should have seen that there was an untaxed gain from the basic notes to the company's accounts.
The March 2022 deadline for non-taxpaying trusts to register with the Trust Registration Service (TRS) has been extended indefinitely by HMRC following delays to the redesign of the online system.
Applications for the government's 'Help to Grow' scheme announced in Budget 2021 have opened. The programme will help small and medium-sized businesses with digital and management training.
In Jocuguma Properties Ltd v HMRC [2021] TC8007 and Bennedy's Development Ltd v HMRC [2021] TC8088, the First Tier Tribunal (FTT) partially allowed two appeals against late filing penalties for ATED returns. HMRC had not issued valid notices in respect of the daily penalties charged.
The Chancellor announced the designation of eight areas across Great Britain that will become Freeport locations. These locations will benefit from a range of tax reliefs to encourage investment.
In Odey Asset Management LLP & Ors v HMRC TC08018, the First Tier Tribunal (FTT) found that a Limited Liability Partnership (LLP) scheme to reallocate profits via a corporate vehicle using allocations of Special Capital failed to work. The allocations were chargeable to Income Tax on the individual partners.
Hello
We are continuing our review of budget 2021 this week and we take a look at some of the new consultations. We have been having some debates, internally, on a couple of topical issues: these centre on the practicalities of incorporating a buy-to-let portfolio and on building your own office at home.
HMRC’s latest Employment-Related Securities Bulletin focuses on the impact of COVID-19 on employee share and incentive schemes. Here is our enhanced version.