British Overseas Territories may be required to establish public registers of beneficial ownership in 2020. A new clause was added to the new Sanctions and Anti-Money Laundering Bill with cross-party support and was accepted by the Government and was added to the Bill without a vote.
SME Tax News
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Welcome to our bumper bank holiday weekend edition. We have a Private Client update which covers all the changes since 6 April with links to topical cases that cover just about everything that you have never thought about in tax.
In James Robertson v HMRC 2017 [TC6410], HMRC was unable assess penalties for failure to notify a High-Income Child Benefit Charge: the legislation does not contain the correct mechanisms to allow HMRC to make an out of time assessment (discovery) for something that is not 'income'.
A round-up for subscribers of the latest developments in tax for private clients, covering Income Tax, Capital Gains Tax (CGT), and Inheritance Tax (IHT).
In Hunters Property PLC v HMRC [2018] TC06354 shares issued failed to qualify for EIS as the company controlled a company limited by guarantee, it was a subsidiary but the lack of share capital meant it was non-qualifying under the EIS rules.
The Chartered Institute of Taxation (CIOT) have submitted a proposal to the government intended to level the playing field from a tax perspective between Islamic finance and conventional finance.
The Office of Tax Simplification (OTS) have published ‘Inheritance Tax Review: Call for evidence’, alongside an online survey which seek to gather data about IHT experiences and perceptions.
In Glyne T Harris as personal representative of Helena Norma McDonald (deceased) v HMRC [2018] TC06448 a personal representative was held liable for the estate IHT; assets were transferred to a beneficiary who had returned overseas without settling the tax as promised.
In Krishna Moorthy v HMRC [2018] EWCA Civ 847, the Court of Appeal allowed the taxpayer relief from tax to the extent that the redundancy package covered injury to feelings.