The Government has launched a consultation, 'Partnership taxation: proposals to clarify tax treatment'. It's object is to remove uncertainty by making the calculation and reporting of partnership profits clearer for taxpayers.
SME Tax News
HMRC have issued their Agent Update for August 2016: we have summarised the key content for you with links to our detailed guidance on the topics covered.
In Simon Miesegaes v HMRC [2016] TC 05129 the First Tier Tribunal (FTT) found that disclosure in a trust tax return wasn't sufficient to prevent a discovery assessment for the life tenant.
In Judith Thorne v HMRC [2016] UKUT 0349 (TCC) the Upper Tribunal (UT) considered how to determine whether a single trade existed for restriction on loss relief: was land occupied as a farm or as a market garden?
In Anthony Bayliss v HMRC [2016] UKFTT TC05251 a taxpayer who used a tax avoidance scheme was found not to be acting fraudulently or negligently after relying on professional advice.
HMRC have provided their first examples showing how they might apply the new targeted anti-avoidance rule (TAAR) to combat "phoenixing" which was introduced by Finance Bill 2016.
The Office of Tax Simplification (OTS) have published two discussion papers on small company tax reform, ‘Lookthrough taxation’ and ‘Sole Enterprise with Protected Assets'.
In The Personal Representatives of Michael Wood v HMRC [2016] UKUT 0346 the Upper Tribunal (UT) has held that a discovery assessment does not have to be set aside just because the taxpayer has died.
HMRC's online system for applications to protect the lifetime allowance is now up and running. Anyone who made a temporary application in April - July now has to make a full online application.
In Iveco Limited v HMRC [2017] EWCA Civ 1982 the Court of Appeal upheld the Upper Tribunal decision, that Iveco were out of time to reclaim output VAT overpaid before January 1990.