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.
SME Tax News
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’.
HMRC have published their Employer Bulletin for April 2017. We summarise the key content for you, with links to our detailed guidance on the topics covered.
HMRC have published responses to their consultations ‘Tackling the hidden economy: Sanctions’ and ‘Tackling the hidden economy: Conditionality’.
HMRC's consultation, ‘Making Tax Digital sanctions for late submission and late payment' closed on 11 June 2017. Responses are anticipated shortly.
The Government have published a call for evidence on proposals for ‘A register of beneficial owners of overseas companies and other legal entities’.
In MVM Magyar Villamos Muvet Zrt. V Nemzeti Ado-es Vamhivvatal Fellebbviteli Igazgatosag (Case C-28/16) a holding company was unable to reclaim input VAT on its management activities as it was providing its services free of charge to its subsidiaries.
In Smith and Nephew Overseas (and 2 others) v HMRC [2017] TC05644 accounting exchange losses arising from a change in the group’s functional currency were allowed for tax.
In Desmond Higgins v HMRC [2017] TC 05724 the period of ownership of an off-plan apartment was found to have started for PRR purposes only once the property was complete.