SME Tax News

In Rowe, Worrall and others v HMRC [2015] EWHC 2293, members of a large film partnership have been unsuccessful in their application for judical review of Accelerated Payment Notices.

In Poole Leisure Ltd v HMRC (2015) TC04315 the first tier tribunal (FTT) upheld an assessment made against an employer who had undercharged income tax to an employee due to a processing error.

In James Smith v HMRC (2015) TC04592, the First Tier Tribunal (FTT) agreed that personal bank statements could be included in a Schedule 36 information notice because they contained transactions pertaining to a property business.

In Anthony Hardy v HMRC (2015) TC04444, a taxpayer failed to claim Capital Gains Tax (CGT) loss relief on a lost property deposit.  This decision has since been confirmed by the Upper Tribunal.

The government have published a consultation on employee termination payments: Simplification of the Tax and National Insurance Treatment of Termination Payments. It follows a review by the Office of Tax Simplification (OTS).

In Malcolm Scott v HMRC (2015) TC04455 the FTT considered whether gifts of paintings by parents which then remained in their home were effective for Inheritance Tax (IHT) purposes. 

In R Ames v HMRC [2015] TC04523, an Enterprise Investment Scheme (EIS) investor failed to secure Capital Gains Tax (CGT) relief. He had failed to make an Income Tax relief claim, having no taxable income in the year in which he had made his investment.

In J Clark v CRC (2015) TC04509, the First Tier Tribunal allowed an appeal against HMRC’s refusal to grant Special relief to a tax payer in relation to years where he had not submitted returns: it would unconscionable to collect the tax due.

 In Monitor Audio Limited v HMRC (2015) TC04541, the tribunal considered whether for purposes of the Research and Development (R&D) relief SME tests, whether a “partner enterprise” was an institutional investor.