HMRC have issued the Agent Update for June/July 2020. We have summarised the key content for you with links to our detailed guidance on the topics covered.
SME Tax News
In Peter Marano v HMRC [2020] TC7685, a US citizen who delayed reporting £20 million in capital gains was unsuccessful in persuading the First Tier Tribunal (FTT) that HMRC's knowledge of his inaction rendered its subsequent discovery assessment as 'stale'. Late filing penalties were also upheld as he had a history of poor compliance.
In Qubic Tax and others v HMRC [2020] TC7701, HMRC successfully made information requests on tax advisers selling and engaging in tax avoidance schemes in order to check on commission payments made to introducers and the validity of the tax schemes.
In Michael Hamilton Bowack and Ann Jennifer Bowack v Claire Vera Saxton [2020] EWHC(Ch) 1049, the High Court found that discretionary trusts were validly set up despite serious defects in the documentation.
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.
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.