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This time: how did Entrepreneurs' Relief become quite so complicated? Company cars, gifting shares, capital allowances and VAT and special offers.
SME Tax News
HMRC have issued a policy paper ‘Technical and procedural amendments to the General Anti-Abuse Rule’ on proposals for HMRC to issue notices to taxpayers refusing to co-operate with them by withholding information about tax arrangements.
In Kickabout Productions Limited v HMRC [2019] TC7230 the First Tier Tribunal (FTT) narrowly decided that for the purposes of the hypothetical employment contract requirement of IR35, that radio broadcaster Paul Hawksbee would not have been an employee of TalkSPORT. This decision was overturned by the Upper Tribunal in July 2020.
In Langford v Secretary of State for Defence 2019 EWCA Civ 1271 the Court of Appeal ruled that a cohabitant could claim her partner’s RAF pension death benefits despite being married to someone else.
In a recent meeting of the House of Lords Economic affairs committee the Financial Secretary to the Treasury Jesse Norman MP was quizzed about the disguised remuneration loan charge.
Eight new tax plans from the new UK prime minister, Boris Johnson. Number 5 is the most interesting for SME owners.
The government has now released its response to the draft legislation issued in 2018 for the creation, to take effect from 2021, of a register of beneficial owners of overseas entities owning UK property.
In HMRC v Dundas Heritable [2019] UKUT0208 the Upper tribunal agreed with the FTT; Schedule 18 of FA 1998 does allow a taxpayer to make late capital allowance claims if there is an open HMRC enquiry into the relevant tax return.
In HMRC v James Robertson [2019] UKUT0209 the Upper Tribunal held that failure to notify penalties were valid where the High-Income Child benefit charge applied; the charge counted as potential lost revenue.
The government has released the response to ‘Review of WLTP and vehicle taxes’ which sought evidence on the impact of a proposed change to the method of measuring CO2 emissions for Company car tax from April 2020.