Following a request from the Chancellor, the Office of Tax Simplification (OTS) has launched ‘Capital Gains tax review - call for evidence’ plus an online survey. It wants to hear from taxpayers and their advisers about which areas of Capital Gains Tax are complex and hard to get right and suggestions for improvements.
SME Tax News
A group of millionaires from around the world called ‘Millionaires for Humanity’ have signed an open letter urging governments to charge them more tax to help with economic recovery from the COVID-19 pandemic.
In Asif Bhikhi v HMRC [2020] TC7728, the First Tier Tribunal (FTT) held that a property transferred to a relative to raise funds was a chargeable disposal for Capital Gains Tax. There was no evidence that any trust had been created and even if there had, there would still have been a disposal.
The Financial Reporting Council (FRC) has criticised the performance of the UK’s biggest audit firms as ‘unacceptable’. Its annual audit inspection results found that a third of them needed more than limited improvements.
In Charles Tyrwhitt LLP v HMRC [2020] TC7756, the First Tier Tribunal (FTT) held that bonus payments received after becoming a member of an LLP were not self-employment income. The bonuses were paid in respect of their earlier employment by the LLP and were taxable as earnings.
Hello
It seems that HMRC's chief executive Jim Harra has beaten me to it in his criticism of some of the Chancellor's new Summer Economic Update giveaways. We are in a time of extremes. On one hand there are people who have suffered virtually no negative financial effects due to lockdown, while on the other, there are people whose livelihoods have suffered so badly that they may not recover for many years. The burning question is how to target government aid and stimulute our shrunken economy.
In his Summer Economic Update, as part of the ongoing government support during the COVID-19 crisis, the Chancellor announced a new Eat Out to Help Out Scheme for restaurants to offer a discount to diners and encourage them to eat at restaurants.
In his Summer economic update's ‘Plan for Jobs 2020,’ the Chancellor announced funding for new green initiatives aimed at creating jobs, helping those on low incomes and assisting the UK to meet its target of net-zero greenhouse gas emissions by 2050.
In his Summer economic update, as part of the ongoing government support during the COVID-19 crisis, the Chancellor announced a temporary reduction to Stamp Duty Land Tax (SDLT) on residential property in England and Northern Ireland.
In his Summer economic update, the Chancellor has announced a Job Retention Bonus scheme aimed to ensure employers bring back furloughed staff and keep them in employment for the next six months.