The Finance Bill (No 2) 2017, includes all the measures that were omitted from the first Finance Act of 2017. This guide tracks the changes. Finance Bill 2017-19 was published on 1 December 2017.
SME Tax News
HMRC have published a consultation ‘Fraud on provision of labour in the construction sector: consultation on VAT and other policy options’.
In Stephen Schechter and Lawrence Schechter v HMRC [2017] TC05677 shareholders claimed that their property companies held their respective properties on trust as their nominees so that they could claim loss relief for development losses.The accounts and paperwork told a different story and tribunal did not believe them.
Welsh Land Transaction Tax (LTT) is set to replace Stamp Duty Land Tax (SDLT) in Wales in April 2018.
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We have an interesting collection of news and updates this week and the fate of the current Finance Bill hangs in the balance.
In Alway Sheet Metal Ltd, Praze Consultants Ltd, JC McCahill Ltd v HMRC [2017] TC05686 company contributions to an EBT were disallowed; they had a duality of purpose.
HMRC consultation ‘Non-resident companies chargeable to Income Tax and non-resident CGT’, (closed 9 June 2017) explored whether non-resident companies with UK sourced property income or gains should pay corporation tax.
STOP PRESS: On 25 April 2017 it was confirmed that a large chunk of the bill will be cut.
Prime Minister Theresa May's snap decision to call an early general election on 8 June 2017 leaves the fate of the Finance (No s) Bill 2016/17 hanging in the balance. It may either be rushed through parliament intact but with little parliamentary scrutiny or the more difficult parts of the bill could be omitted.