It was announced at Autumn Budget 2024 that unused pension funds and death benefits will be subject to Inheritance Tax (IHT) from 6 April 2027. A new consultation considers the mechanics of IHT collection and includes several useful examples to illustrate how the new rules will be applied to different types of schemes. Transfers to overseas pensions will also now be in charge. We take a close look.
In Collins Construction Limited (CCL) v HMRC [2024] TC09332, a company's claim for SME R&D tax relief was upheld by the FTT, who found, contrary to HMRC's allegations, that the relevant expenditure was not subsidised and it was not incurred in relation to activities which were contracted out to it either.
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We are continuing to dissect key announcements from the Autumn Budget 2024 this week and we have created a number of adviser and client briefings which we hope you will find useful.
It was announced at Autumn Budget 2024 that the question as to whether a double cab pick-up is a car or a van will not be decided purely on the basis of weight. This policy will apply from 6 April 2025.
In Isaac Aboagye Frempong vs HMRC [2024] TC09347, the First Tier Tribunal (FTT) confirmed that an inquiry raised by HMRC to assess undeclared income was valid since the payments received were receipts for payment of services as a tax agent.
The Government is extending 'tax conditionality' to animal welfare, transport and waste sectors in the UK and this will likely roll out to further sectors too. A new consultation was published in Autumn Budget 2024 ‘Tackling the hidden economy: expanding tax conditionality to new sectors’. It considers, amongst other factors, whether HMRC can share data with other regulators.
HMRC have published a response to their consultation ‘Raising standards in the tax advice market – strengthening the regulatory framework and improving registration’. This outlines potential approaches to strengthen the current regulatory system and tackle non-compliance in the tax advice market, including mandatory membership of a recognised professional body.
In The Executors of Keith Denis Lewis Beresford vs HMRC [2024] TC09333, the First Tier Tribunal (FTT) found that shares in a holding company did not qualify as ‘relevant business property’ for IHT purposes. Its subsidiary was not undertaking a qualifying business activity for IHT.
Accounting expert firm 20:20 Innovation, a leader in providing practice development support, compliance resources, and CPD training for UK accounting practices, has acquired the Rossmartin practical tax database and resources, together with its associated Virtual Tax Partner (VtaxP) support service.
Missed our SME Tax Web-updates in October? Here is a summary of the month.