HMRC's latest Employment-Related Securities Bulletin focusses on the impact of COVID-19 on employee share and incentive schemes. Here is our enhanced version.
SME Tax News
In Salman and Asma Tufail [2020] TC7691, the First Tier Tribunal (FTT) dismissed appeals against HMRC’s refusal to allow late claims for trade loss relief. No enquiry had been opened so it did not have the jurisdiction to consider the refusal.
Hello,
The government has been tweaking many of its Coronavirus support grants, funds and other measures in the last week. It is worth having a read through our Government Support Tracker for recent updates and additions. My highlights of the latest news are as follows:
In Keith Fiander and Samantha Brower V HMRC [2020] TC7676, the First Tier Tribunal (FTT) decided that an annexe was not a separate dwelling for Stamp Duty Land Tax (SDLT) Multiple Dwellings Relief (MDR). There was no door separating the house from its annexe.
In Fish Homes Ltd V HMRC [2020] TC7666, the First Tier Tribunal (FTT) held that the purchase of a non-commercially lettable flat was a dwelling for the purposes of Stamp Duty Land Tax (SDLT).
In Bostan Khan v HMRC [2020] UKUT 0168, the Upper Tribunal (UT) rejected a taxpayer’s argument that a company purchase of his shares was not a distribution as it was part of his wider agreement to purchase a controlling interest in the company.
In HMRC v Vermilion Holdings Limited v [2020] UKUT162, the Upper Tribunal (UT) held that share options granted to a director were Employment-Related Securities. The employment did not have to be the sole reason for the grant of the options, it was enough that it was one of the reasons.
The government has opened a new consultation ‘Taxation of Coronavirus (COVID-19) support payments’ on draft legislation which includes measures to tax the grants available, recover payments from businesses not entitled to them and penalise deliberate non-compliance.
Missed our SME Tax Web-updates in May? Here is a summary of the month.
The Chancellor has announced that he is extending the Self-Employment Income Support Scheme (SEISS) by a further, and final, three months at a reduced rate of 70% of average monthly trading profits.