HMRC has published ‘Allowing Entrepreneurs’ Relief on gains before dilution: consultation response’ alongside draft legislation which will ensure shareholders retain ER when a company ceases to be a personal company due to a fundraise.
SME Tax News
HMRC has published a response to its consultation ‘Tax Avoidance involving Profit Fragmentation’ together with draft legislation included in the Draft Finance Bill 2019.
HM Treasury has published ‘Rent a room relief: summary of responses’ alongside draft legislation and a policy document. This confirms the retention of the relief and the introduction of a new shared occupancy condition.
Hello
This time: HMRC tell us why they missed an important employment status indicator off their Check Employment Status tool (CEST): we think it's a cop out. The CIOT voice concerns over HMRC's litigation policy "shoot first and ask questions later"?, plus some interesting tax cases.
In Yocheved Blum v HMRC [2017] TC6404 HMRC was able to make a discovery assessment in respect of PAYE income following a taxpayer’s error on her tax return there was nothing on the return to indicate that the taxpayer had picked off the wrong figures for her wages.
HMRC have released a paper on Mutuality of Obligation in an attempt to explain why this was missed off its CEST tool and its approach when considering it in IR35 cases.
In Oxbotica Limited v HMRC [2018] TC6538 HMRC was unsuccessful in an attempt to deny SEIS relief for £1,000 of founder shares on the basis that the amount of the investment was too small to be used to for any qualifying activity.
In Execs of Estate of D S Campbell Dec’d v HMRC [2018] TC06389, the First-Tier Tribunal (FTT) held that outstanding rents on a lease related to the deceased’s business, were deductible in calculating the value of the Business Property Relief (BPR) qualifying business and not entitled to separate relief.
- Scottish museums and galleries not claiming new tax relief
- Court approves trustee decision prohibited by trust deed
- 2019 loan charge: expected to affect 50,000 individuals
- EIS: income tax relief required for CGT exemption
- Nichola's SME Tax w-update 29 June 2018
- Unmarried couples may get spousal reliefs