Hello
This time we are covering quite a diverse range of topics. What does the Office of Tax Simplification (OTS) recommend for the future of Capital Gains Tax (CGT)? We explore enduring tax imponderables on the nature of a trade. We have ever more essential updates on COVID-19 funding, new guides on farming and Corporation Tax (CT), as well as more updates, cases and, of course,VAT.
The Office of Tax Simplification (OTS) has published 'Simplifying by Design', the first report of its current Capital Gains Tax (CGT) review. It recommends some major changes to CGT including increasing tax rates and removing business asset reliefs.
In Hopscotch Limited v HMRC [2020] UKUT 0294, the Upper Tribunal (UT) upheld a First Tier Tribunal (FTT) decision that the taxpayer was subject to the Annual Tax on Enveloped Dwellings (ATED). The redevelopment of the property did not constitute a trade and so relief from the charge was not available.
In Heacham Holidays Limited v HMRC [2020] TC07883, the First Tier Tribunal (FTT) upheld fixed penalties imposed by HMRC for the late-filing of the taxpayer's Annual Tax on Enveloped Dwellings (ATED) return but discharged the daily penalties imposed as they were issued retrospectively without notice.
The government has published ‘Corporate Liability for Economic Crime Call for Evidence: Government Response’, three years after the original consultation ended.
HMRC have issued special Christmas/New Year instructions to employers in respect of PAYE Real-Time Information (RTI) filing.
In Executors of the Late Sheriff Graham Loudon Cox vs HMRC [2020] TC07919, the First Tier Tribunal (FTT) dismissed the taxpayer’s appeal for Business Property Relief (BPR) on a holiday lettings business finding that there was nothing exceptional about the business to elevate it beyond being one of mainly investment.
Hello,
We have already had a busy week putting through the updates on the Coronavirus Job Retention Scheme (CJRS) and adding other new COVID-19 announcements, now today, we have news of further extensions to the different funding schemes.
In Opus Bestpay Limited v HMRC [2020] TC5530, a company claiming to be a ‘back-office’ for a Contractor Loan tax scheme was found to be a scheme promoter.
In Umesh Gadhavi v HMRC [2020] TC07890, the First Tier Tribunal (FTT) upheld HMRC's information request to produce bank statements under Schedule 36 FA 2008 finding that the taxpayer could not provide a valid reason as to why the request should not be fulfilled.