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What's new in Gift Aid 2016/17?
SME Tax News
In Blackhorse Property Management Ltd v HMRC [2016] TC05449 the First Tier Tribunal (FTT) upheld but reduced a penalty for failing to register under the money laundering regulations.
In Executors of Beryl Coulter v HMRC [2016] EWCA Civ 938 the Court of Appeal confirmed that a legacy to a Jersey charity is not an exempt transfer for inheritance tax.
HMRC have published a response and further consultation document “Simplifying the Gift Aid donor benefits rules”.
The Office of Tax Simplification (OTS) has published “Closer alignment of income tax and national insurance: a further review” which sets out analysis and possible options for NIC reform.
In HMRC v J Ariel [2016] EWHC 1674 the High Court found that the First Tier Tribunal (FTT) had absolute jurisdiction over whether a third party notice could be issued to a trustee in bankruptcy and what it should say.
Doing an 'Eric Morcambe': HMRC's Tax Assurance Commissioner Jim Harra says that the five returns per year that taxpayers are required to submit under HMRC's Making Tax Digital (MTD) are not accounts.
The OTS has published a progress report into its review “Simplification of the Corporation Tax Computation” along with a call for evidence.
In November 2016 the Office of Tax Simplification (OTS) published their final reports on small company tax reform, recommending that ‘Lookthrough taxation’ proposals be dropped but those for a new ‘Sole Enterprise with Protected Assets (SEPA)' trading vehicle be taken forward.
In Mr Remi Ashton v HMRC [2016] UKFTT TC05456 the First Tier Tribunal agreed that the taxpayer was an employee and not a partner of a partnership.