In Margaret Vincent v HMRC [2019] TC7432, the First Tier Tribunal found that a valid interest in possession had been created in a family home so it had to be included in the beneficiary’s death estate.
SME Tax News
In William Charnley & Maxwell Hodgkinson as Executors of the Estate of Thomas Gill (deceased) v HMRC [2019] TC7425 the First Tier Tribunal allowed claims to APR and BPR. It was a working farm so the house was a farmhouse and the business was not an investment business.
In Stephen Reneaux and Lynne Reneaux-Smith v HMRC [2019] TC7441, a claim for Entrepreneur’s Relief under the associated disposal rules failed. There had been a partnership, however it was not engaged in any trade.
The prime minister has announced to the Confederation of British Industry (CBI) that if re-elected, the Conservative Party will back down from its pre-election pledge to reduce corporation tax. This means that the 19% rate is likely to remain for 2020.
Hello
We are celebrating the lack of a budget (the budget being postponed until after the general election) by revisiting some of our most popular guides including company cars, vans and employee benefits.
Should we allow a computer to issue notices on behalf of HMRC's officers? What decisions should computers make? How can we better scrutinise proposed legislation? What safeguards are required?
In Dr Colin Goudie and Dr Amelia Sheldon v Revenue Scotland [2018] FTSTC 3, the First Tier Tribunal (FTT) for Scotland found that the Additional Dwelling Supplement would not be refunded where one of the occupants of the new property had never lived in the old property.
In KS MacMillan and G Boardman v HMRC [2019] TC 07408, the First Tier Tribunal (FTT) ordered the HMRC to pay 50% of the taxpayer's costs. HMRC had denied relief based up an incorrect argument. This became the subject of a complex appeal. It turned out that if the correct argument had been considered in the first place it would have saved both sides' costs.
In Andrew John Edward Clark v Revenue Scotland [2018] FTSTC 4, the First Tier Tribunal for Scotland found that the Additional Dwelling Supplement (ADS) was not repayable when a second property was merged into one.
In Ruth Anne Munro v Revenue Scotland [2019] FTSTC 6, the First Tier Tribunal (FTT) for Scotland found that the Land and Buildings Transaction Tax (LBTT) is payable when the return is submitted. If a tax return is submitted early, then the tax must also be paid early. If 'early tax' is paid late you receive a penalty.