In BPP Holdings & Ors v HMRC [2017] UKSC 55, the Supreme Court (SC) dismissed HMRC’s appeal and agreed that they were not entitled to take part in the case proceedings due to a failure to provide information by the agreed due date.
SME Tax News
HMRC have published new advisory fuel rates for company car drivers which will apply from 1 September 2017.
HMRC have published their Employer Bulletin for August 2017. We summarise the key content for you, with links to our detailed guidance on the topics covered.
HMRC has posted 'Childcare Service compensation': it is offering parents compensation if they have been subjected to various technical difficulties in relation to its online Tax-free Childcare account.
In Kreeson Thathiah v HMRC [2017] TC06043 the First Tier Tribunal (FTT) found that HMRC could not prove that the Senior Accounting Officer had failed to take reasonable steps to establish and maintain appropriate tax accounting arrangements.
In Netley v HMRC [2017] TC05904 the Court considered the valuation of unquoted shares for tax purposes, with particular emphasis on the relevance of quoted share prices and a lengthy analysis of the information that could be expected to be available to a prospective purchaser. This was the lead case on the market value of shares in Frenkel Topping Group Plc (FTG).
In Cosmetic Warriors Limited & Lush Cosmetics Limited v Andrew Gerrie [2017] EWCA Civ 324, the Court of appeal held that the Articles of Association created a statutory contract setting out how the shares had to be valued. As no provision was made for discounting a minority holding no discount should be applied.
In U v J [2017] EWHC449 (Fam) a well-travelled divorcing spouse changed her domicile to England and Wales despite only spending a short time there nearly two decades ago.
HMRC has now started using RTI data from employers to recalculate employee tax codes in real-time. This will be used when a tax code review is triggered, such as when a new BIK is notified.
Under changes to the European Union Financial Sanctions, a whole range of new businesses must report anyone who they suspect is subject to international financial sanctions to HM Treasury.