Hello
Welcome to our bumper bank holiday weekend edition. We have a Private Client update which covers all the changes since 6 April with links to topical cases that cover just about everything that you have never thought about in tax.
SME Tax News
In Hunters Property PLC v HMRC [2018] TC06354 shares issued failed to qualify for EIS as the company controlled a company limited by guarantee, it was a subsidiary but the lack of share capital meant it was non-qualifying under the EIS rules.
In James Robertson v HMRC 2017 [TC6410], HMRC was unable assess penalties for failure to notify a High-Income Child Benefit Charge: the legislation does not contain the correct mechanisms to allow HMRC to make an out of time assessment (discovery) for something that is not 'income'.
The Chartered Institute of Taxation (CIOT) have submitted a proposal to the government intended to level the playing field from a tax perspective between Islamic finance and conventional finance.
The Office of Tax Simplification (OTS) have published ‘Inheritance Tax Review: Call for evidence’, alongside an online survey which seek to gather data about IHT experiences and perceptions.
In Krishna Moorthy v HMRC [2018] EWCA Civ 847, the Court of Appeal allowed the taxpayer relief from tax to the extent that the redundancy package covered injury to feelings.
Wendy ‘Amelia’ Poole made history last Sunday by becoming the first woman in Europe (and maybe the world) to take a ride on an autonomous motorcycle.
In Glyne T Harris as personal representative of Helena Norma McDonald (deceased) v HMRC [2018] TC06448 a personal representative was held liable for the estate IHT; assets were transferred to a beneficiary who had returned overseas without settling the tax as promised.