In Jackson Grundy Limited v HMRC [2016] TC04981 the First-tier Tribunal (FTT) reduced an estate agent’s record breaking penalty for money laundering failures by £164K. The Office of Fair Trading
SME Tax News
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This time we feature our latest VAT What's new? guide for you. The Office of Tax Simplification is carrying out a review of VAT, so while we're in pre-election purdah, now is a good time to reflect on the oddities of VAT.
In The Brain Disorders Research Limited Partnership & Neil Hockin v HMRC [2017] UKUT 0176 the Upper Tribunal (UT) found that a tax avoidance scheme was a sham and the partnership involved was not trading.
In F Anstock v HMRC [2017] TC05784 HMRC issued the taxpayer with an Information Notice that was so poorly drafted that the FTT declared it invalid and so quashed penalties relating to the notice.
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We were off last week due to the Accountex Exhibition. It was exhausting, but on the other hand great to meet so many people, and thank you for your excellent feedback.
In Sir Keith Mills, Team Origin LLP v HMRC [2017] TC05844 the First Tier Tribunal (FTT) disallowed sideways loss relief for a LLP formed to compete in the prestigious America’s Cup yacht race: there was little hope of any realisation of profits.
In Lee & Bunter vs Commissioners for HMRC [2017] TC05757, the First Tier tribunal (FTT) found that a tax scheme which aimed to avoid capital gains tax (CGT) for an offshore trust by taking advantage of the double tax treaties failed: the trust was effectively managed in the UK and so resident here.
HMRC have released new and updated guidance for those who use HMRC as their supervisory body under the Money Laundering Regulations.