In Susan Corbett v HMRC [2014] TC 03435, a wife, who had apparently resigned from her husband’s business was still treated as an employee for the purposes of Capital Gains Tax (CGT) relief.
SME Tax News
In Steven Singh v HMRC [2014] TC 03436, the FTT considered whether Mr Singh had a reasonable excuse for failing to provide information under an Information Notice and upheld certain penalties for his failure to do so.
In Roderick Thomas & Stuart Thomas v HMRC [2014] TC 03412 the taxpayers attempted to prevent HMRC from proceeding in tax litigation on the grounds that it had “no reasonable prospect of success”.
In Gillens Limited v HMRC [2014] TC 03406 a company was late in making its VAT payment having failed to allow time for a payment to clear. It did not know that HMRC provides an accelerated payment solution in these circumstances (neither did we!).
In John Best (executor of the estate of Alfred William Buller deceased) v HMRC [2014] TC 03217 shares in a company which ran a business centre did not qualify for inheritance tax (IHT) business property relief (BPR).
In HMRC v The Executors of Lord Howard of Henderskelfe [2014] EWCA 278, the Court of Appeal has confirmed that a valuable painting was plant and therefore a wasting asset so that its sale proceeds were exempt from Capital Gains Tax. This might also be an important result for capital allowances. Note changes from April 2015.
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The Upper Tier Tax tribunal has upheld the First-tier Tribunal’s decision that Eclipse Film Partners No 35 LLP (Eclipse 35) was not carrying on a trade and so a tax scheme to provide tax relief for investors failed.
In Elizabeth Moyne Ramsay v HMRC [2013] UKUT 0226 (TCC) the Upper Tax Tribunal (UTT) allowed a taxpayer Capital Gains Tax s162 incorporation relief (roll over) on the transfer of her ordinary property letting business (a small appartment block) to a company. It decided that letting was "a business" for s162 relief.
In two cases before the First Tier Tribunal (FTT) John Kerr Roofing v HMRC TC02564 and Terry Daniel v HMRC TC02565 two building industry contractors made successful appeals against HMRC's decision to withdraw their gross payment status under the Construction Industry Scheme (CIS).