A recent survey by independent charity Arts & Business Scotland and accountancy firm Scott-Moncrieff indicates that over 75% of Scottish museums and galleries have not been claiming the Museum & Gallery Exhibitions Tax Relief introduced in 2017 to encourage museums and galleries to develop new exhibitions and display their collections to a wider audience.
SME Tax News
In South Downs Trustees Limited v GH, IJ, KL [2018] EWHC 1064 (Ch) the High Court approved a decision by the trustees of an Employee Benefit Trust (EBT) to sell their controlling stake in the employer company despite the trust deed prohibiting it; the trustees took great care in making their decision which was in the interests of the beneficiaries.
In Robert Ames v HMRC [2018] UKUT 0190 the Upper Tribunal (UT) denied a CGT exemption on the sale of Enterprise Investment Scheme (EIS) shares where no claim to income tax relief had been made due to the taxpayer having only £42 of income.
In a recent response to a series of parliamentary questions, the government has estimated that the number of taxpayers who will be affected by the 2019 loan charge could be just 50,000.
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Just to remind you of the deadline for filing P11Ds and also the P11D(b) NI declaration next week. Also if you have issued or transferred shares to an employee or director, the employment related securities (ERS) reporting deadline is 6 July.
In R (on the application of Steinfeld and Keiden) v Secretary of State for International Development [2018] UKSC 32, the Supreme Court held the bar on different-sex couples entering civil partnerships breached Human Rights. This potentially has a significant impact on tax law.
In John McFarlane v HMRC [2018] TC06512 the First Tier Tribunal (FTT) dismissed appeals by an unrepresented taxpayer; he did not discharge the burden of proof, had acted carelessly and his agent had acted deliberately.
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Another useful case on take-aways and HMRC best judgement assessments this week, plus the Budget is set for October.
Due to a technical glitch some of you have not received our SME Tax Web-updates in recent weeks. Our publishing policy is 'less is more' and so rather than republish now and risk over-burdening your inboxes we have made you a summary of the content that you may have missed and which you can read at your leisure.
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This week we have the latest HMRC Agent Update which focusses on Making Tax Digital and some practical issues around agent services accounts. We also have our latest Company Tax: What's New? guide which includes the latest cases involving companies and their directors plus a new VAT guide.