In Ron Dennis v HMRC [2018] TC 6868, an indemnity clause in a shareholder’s agreement was held by the First Tier Tribunal not to be a guarantee that qualified for Loans to Trader Capital Gains Tax (CGT) relief.
SME Tax News
The deadline for paying the loan charge for employment related schemes such as Employee Benefit Trusts (EBT’s) and EFRBS is 19 April 2019 for cheque payments or 22 April for electronic payments.
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This week's web-update features some cases that continue to explore the dark world of ITEPA 2003 and the PAYE regulations. There is a new consultation on Private Residence Relief and an new VAT guide that might be more handy than you realise.
HMRC has published a consultation, 'Capital Gains Tax: Private Residence Relief: changes to the ancillary reliefs'. This follows the Budget 2018 announcements.
In Gerard Arthur Eccles v HMRC [2019] TC6978, the first tier tribunal held that tax relief for a payment under a personal guarantee may only be made in the tax year in which it was paid.
In Christianuyi Limited & Others v HMRC [2019] WECA Civ 474 the Court of Appeal confirmed that the UT and FTT were correct in finding that a business (Costello Building Services Limited - 'Costello') which was set up to facilitate workers to provide their services via managed personal service companies was a Managed Service Company (MSC) provider.
In Big Bad Wolff Limited v HMRC [2019] UKUT121, the Upper Tribunal (UT) upheld the decision of the FTT finding that the special rules for actors prior to 6 April 2014 did not circumvent the deeming provisions of IR35.
Non-UK-resident companies: from April 2019 Capital Gains Tax (CGT) moves to Corporation Tax (CT). One year later in 2020, the same companies cease also to be in self assessment in respect of their property income. Companies will need to register with HMRC for CT.
In William Richie & Hazel Richie v HMRC [2019] UKUT 0071 the Upper Tribunal found that HMRC was not entitled to make a discovery assessment outside of normal time limits as it had not actually established carelessness.