SME Tax News

HMRC have released two more opinions in their favour from the GAAR advisory panel (GAP) in quick succession; about disguised remuneration, loans to participators, and employee rewards using second hand bonds and gilt options.

In Mr Douglas Shanks v HMRC [2019] TC07118 the FTT cancelled penalties for inaccuracies but disallowed partnership losses; they were not substantiated and from a different trade to the profits against which they were being offset.

HM Treasury have opened a new call for evidence on Social Investment Tax Relief as take up has been poor and the the relief is currently due to end in 2021.

In Raymond Tooth v HMRC [2019] EWCA 826 the Court of Appeal confirmed that HMRC's delay in raising a discovery assessment rendered it invalid. 

In Hopscotch Limited v HMRC [2019] TC07127 the FTT found that the redevelopment of a single house in order to sell it was not a property development trade; no ATED relief was due.

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We are taking a break from reporting cases this week, as we have picked out quite a diverse range of news items and we also have a bumper capital taxes update.