In Neil McLocklin v HMRC (TC 03182), the First-tier Tax Tribunal (FTT) allowed a claim for share loss relief when shares had become of negligible value even though they were acquired by a nominee under some rather unusual conditions.
SME Tax News
In RD Utilities v HMRC [2014] TC03440 a request for a Schedule 36 information notice was set aside by the tribunal because it was so poorly drafted that it was impossible for the parties to know whether it had been complied with.
HMRC issued new guidance for pensioners who are immediately wishing to take advantage of the new pensions flexibility measures, as announced in the 2014 Budget.
In Brimheath Developments Limited & Michael Victor Burgess v HMRC [2013] TC 03438 the FTT found that the taxpayers had failed to discharge the required burden of proof in connection with discovery assessments to demonstrate that they were unfair and were not based on inferences from the available evidence.
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.
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.