In J Charman v HMRC [2019] UKUT0253, the Upper Tribunal (UT) considered whether the grant of a share option amounted to a ‘right to acquire securities’. It also considered whether shares issued on a share for share exchange were acquired as an officer or employee of the original shares.
SME Tax News
In Alan Firth Webster [2020] EWHC 2275 (Ch), the claimant’s case for 'rectification' of his 2016/17 tax return to correct a Gift Aid claim error was dismissed by the court. It confirmed that a Gift Aid carryback election must be made in an original tax return.
HMRC have 1,000 officers working to agree a settlement with an estimated 9,000 outstanding Disguised Remuneration cases before the settlement deadline of 30 September 2020. Of the 9,000 taxpayers, around 3,000 have not responded to HMRC and so it may be tricky for them to settle. A further 6,000 cases are unsettled and those taxpayers will become subject to the Loan Charge.
Hello,
There are widespread rumours that the chancellor is planning tax rises. I would guess that everything is very much at the planning stage and any increase could yet affect all the main taxes. Conversely, some commentators suggest that a tax increase is possibly the worst thing one can do to stimulate the economy.
In Stirling Jewellers (Dudley) Limited v HMRC [2020] UKUT 0245, the Upper Tribunal found that changes to a company's trade and the appointment of a qualified accountant meant that the 'presumption of continuity' could not apply to record-keeping and business margins for earlier years. The case has been remitted back the First Tier Tribunal.
The government’s ‘Kickstart’ job creation scheme aims to help young unemployed people. It closed for applications on 17 December 2021.
HMRC's latest Trusts and Estates newsletter contains some useful information. Here is our enhanced version.
In Guy Holland Bosworth v HMRC [2020] TC7811, the First Tier Tribunal (FTT) refused a claim of Entrepreneurs' Relief where the B shares sold did not meet the personal company conditions. The company articles clearly stated that the shares did not have voting rights.
In Thierry Lucas V HMRC [2020] TC07809, a salary bonus, forming part of a compromise agreement, was not found to be part of any termination payment.
HMRC have doubled the levy on single-use plastic bags to 10p following the results of the consultation 'Single-use carrier bags: extending and increasing the charge'. It will apply to all retailers who have over 250 employees.