In Vasco Properties Ltd v HMRC [2018] TC06801 the First Tier tribunal allowed an appeal against RTI late filing penalties; HMRC failed to show that the returns were late.
SME Tax News
HMRC have published ‘Corporate Capital Loss Restriction: Consultation on delivery’ looking at proposals to restrict the use of carried forward capital losses for companies.
HMRC have published ‘Review of the corporate Intangible Fixed Assets regime: summary of responses’, which contains detailed proposals for partial reinstatement of relief for goodwill acquisitions.
HMRC have published ‘Tax abuse and insolvency: A discussion document – summary of responses’ confirming that legislation will be introduced to protect against loss of revenue for HMRC in insolvency cases.
HMRC have published ‘Digital services tax: consultation’, regarding the design and implementation of the new tax.
Hello
This week we take a closer look at the Budget announcements affecting Personal Service Companies (PSC), we have a VAT update and for some reason we all decided to report IHT cases.
In Viscount Hood (Executor of the estate of Diana, Lady Hood deceased) v HMRC [2018] EWCA Civ 2405 the Court of Appeal concluded that IHT planning whereby the taxpayer granted a sub-lease to the her sons failed. The presence of covenants which passed on the donor's obligations under her head lease, created a gift of property subject to a reservation of benefit.
HMRC have published ‘Amendments to tax returns’, a call for evidence aimed at providing an understanding of issues faced by taxpayers who are amending returns.