The Finance Bill (No 2) 2017, includes all the measures that were omitted from the first Finance Act of 2017. This guide tracks the changes. Finance Bill 2017-19 was published on 1 December 2017.
SME Tax News
In Stephen Schechter and Lawrence Schechter v HMRC [2017] TC05677 shareholders claimed that their property companies held their respective properties on trust as their nominees so that they could claim loss relief for development losses.The accounts and paperwork told a different story and tribunal did not believe them.
Welsh Land Transaction Tax (LTT) is set to replace Stamp Duty Land Tax (SDLT) in Wales in April 2018.
HMRC consultation ‘Non-resident companies chargeable to Income Tax and non-resident CGT’, (closed 9 June 2017) explored whether non-resident companies with UK sourced property income or gains should pay corporation tax.
In Alway Sheet Metal Ltd, Praze Consultants Ltd, JC McCahill Ltd v HMRC [2017] TC05686 company contributions to an EBT were disallowed; they had a duality of purpose.
STOP PRESS: On 25 April 2017 it was confirmed that a large chunk of the bill will be cut.
Prime Minister Theresa May's snap decision to call an early general election on 8 June 2017 leaves the fate of the Finance (No s) Bill 2016/17 hanging in the balance. It may either be rushed through parliament intact but with little parliamentary scrutiny or the more difficult parts of the bill could be omitted.
In D.A. Gray v HMRC [2017] TC05754 the FTT blocked a discovery assessment in relation to a termination payment. The taxpayer was not negligent in failing to notify HMRC as although the employer had only deducted basic rate tax, that was what the PAYE regs' demanded.
In Power Adhesives Limited v Stephen James Sweeney & Others [2017] EWHC 676 the High Court set aside the decision by a company’s directors to convert a loan into shares: this accidently created a transfer of value and it amounted to breach of the directors’ fiduciary or common law duties.
HMRC have published a response to their consultation ‘Stamp duty land tax: changes to the filing and payment process.
HMRC have published a response to their consultation ‘Double Taxation Treaty Passport scheme review’.