In Rupert Grint vs HMRC [2024] TC09337, the First Tier Tribunal (FTT) found that a sum of £4.5 million declared by Harry Potter star Rupert Grint on his tax return as a capital gain should have been declared as income, arising from his role in the films.
SME Tax News
In the Autumn Budget 2024, the Government published its Corporate Tax Roadmap (the 'Roadmap') which sets out its priorities in terms of company taxation with the aim of enhancing predictability, stability and certainty to build confidence and encourage investment and growth in the UK.
The Government has published a response to its consultation 'Tax Simplification for Alternative Finance'. From 30 October 2024, individuals and companies using qualifying alternative finance arrangements will no longer be subject to Capital Gains Tax (CGT), Corporation Tax (CT) or Income Tax (IT) charges, where the same charge would not apply when using conventional financing arrangements.
'A budget by Scotland, for Scotland', tax highlights of the Scottish Budget 2024 speech given by Shona Robison, Cabinet Secretary to the Scottish Parliament on Wednesday 4 December 2024.
Missed our SME Tax Web-updates in November? Here is a summary of the month.
The Government has launched a trial version of its new AI-powered chat. It is early days for the GOV.UK Chat. As AI Large Language Models (LLMs) are known to hallucinate, i.e. make up stuff, they should be used with extreme caution. Initial tests show it's not too bad on that front.
Hello
We have a new Agent Update from HMRC, together with a subscriber special on Employment-Related Securities. We have been testing the new GOV.UK Chat. As always we have a broad selection of tax case summaries and other news and updates. Have you heard of PISCES?
HMRC have published their Agent Update for November 2024. We have summarised the key content with links to our detailed guidance on the topics covered, including changes to CIS on traffic management works, updates to the payrolling of benefits, and common errors in claiming double tax relief.
In Syngenta Holdings Limited (SHL) v HMRC [2024] TC0934, the First Tier Tribunal (FTT) ruled that SHL's decision to enter into a loan was driven by the wider group strategy to obtain a tax advantage. The main purpose of securing this tax advantage rendered the loan to have an unallowable purpose.
In Sinter Site Services Ltd v HMRC [2024] TC09343, the First Tier Tribunal (FTT) found that a family company's Coronavirus support claims for its various family members employees were calculated on future unpaid earnings and were excessive.
