SME Tax News

In Hargreaves Lansdown Asset Management v HMRC [2017] TC6368 the First Tier Tribunal (FTT) agreed that loyalty bonuses paid to investors were not annual payments; tax did not have to be deducted at source.

A new consultation has been opened “Tax avoidance involving profit fragmentation” which sets out proposals to tackle tax avoidance schemes which move UK profits outside the UK tax charge.

HMRC have published a new consultation “Capital Gains Tax: Payment window for residential property gains” which looks at reducing the CGT payment time for residential property to 30 days from April 2020.

Stamp Duty Land Tax (SDLT) does not apply to land transactions in Wales from 1 April 2018.

HMRC has advised that EU State Aid approval for the Enterprise Management Incentive (EMI) scheme expires on 6 April 2018 and whilst the government has applied to the European Commission for fresh approval, it will not be received before 6 April 2018.

In HMRC v Stephen West [2018] UKUT 0100 the Upper tribunal (UT) held that the director of an insolvent company was personally liable for PAYE and NICs on a bonus paid  to clear his loan account before company went into liquidation.

In Sippchoice Limited v HMRC [2017] TC06378, the First Tier Tribunal (FTT) confirmed that a contribution ‘in specie’ paid into a SIPP in satisfaction of a monetary obligation amounted to a payment and so was allowable for Income Tax.

In MDCM v HMRC [2018] TC 6400 IR35 did not apply; MDCM’s contractual arrangements were such that its primary employee did not have to be treated as an employee of the ultimate contracting company, he was skilled and experienced and given autonomy in how he undertook his work.