Following the Autumn Statement 2016, HMRC have opened a consultation ‘Reducing the money purchase annual allowance’.
SME Tax News
In his Autumn Statement 2016 the chancellor announced the following:
In Mr & Mrs Carrasco v HMRC [2016] TC05460 the First Tier Tribunal (FTT) set aside a penalty for careless inaccuracy: the taxpayer relied on incorrect professional advice in making a Private Residence Relief claim.
In his Autumn Statement 2016 the chancellor confirmed that the treatment of Personal Service Companies (PSCs) working in the public sector will change from April 2017.
In his Autumn Statement 2016 the chancellor announced a new 100% first year allowance (FYA) for electric vehicle charging points from 23 November 2016.
In Autumn Statement 2016 the chancellor announced changes to the VAT Flat Rate scheme in order to counter abusive behaviour.
The Headlines and Highlights of the 2016 Autumn Statement.
In his Autumn Statement 2016 the chancellor announced the removal of tax reliefs for individuals entering into Employee Shareholder Status (ESS) agreements on or after 1 December 2016.
Highlights of the chancellor's Autumn Statement - live feed.
In Raymond Tooth v HMRC [2016] TC 05452 the First Tier Tribunal (FTT) found that the extended discovery assessment time limit did not apply as the taxpayer’s deliberate error did not directly bring about the loss of tax. Spoiler alert: this case has been subject to various appeals, and was decided in favour of the taxpayer by the Supreme Court in 2021.