In Alberto Nader, Alison Nader, Harold Dickins & Ors v HMRC [2019] TC06524 the First Tier Tribunal found that a series of transactions designed to reduce the deceased's estate by creating a loan to an offshore trust was ineffective in reducing the IHT due on her death.
SME Tax News
The Financial Reporting Council (FRC)’s new chairman has promised faster implementation of the government-endorsed recommendations from last year’s ‘Independent Review of the Financial Reporting Council’. The review excoriated the current audit regime and recommended setting up the Audit, Reporting and Governance Authority (ARGA) .
The GAAR Advisory Panel has published an opinion on a number of schemes aiming at extraction of cash/value from a company by its directors/shareholders using Employee Shareholder shares and they conclude that the planning is unreasonable and therefore inconsistent with government tax policy.
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We have a new guide to company start-ups, a company update and lots more this time.
Switzerland is banning the issue of bearer shares by unlisted companies from 1 November 2019.
It seems that there is currently an issue with HMRC’s ‘VAT when you sell a vehicle’ online tool which is producing incorrect results.
Recent figures released by HMRC about Inheritance tax in the UK show an increase in the value of estates and a drop in business and charitable relief claims. This resulted in increases in 2018/19 tax receipts to £5.4billion.
In David Cliff v HMRC [2019] TC07358 the First Tier tribunal denied claims for trading loss relief by a tax consultant investing in racehorses; he had not proved there were any losses and was not trading commercially with a view to profit.