SME Tax News

The government has launched two new consultations dealing with tax avoidance, ‘Tackling promoters of tax avoidance’ and ‘Call for evidence: Tackling Disguised Remuneration tax avoidance.’

HM Treasury has published a response to ‘Stamp Duty Land Tax: non-UK resident surcharge consultation’ on the introduction of a new surcharge on non-UK residents purchasing residential property in England and Northern Ireland, from 1 April 2021.

The government has launched ‘Modernisation of the stamp taxes on shares framework: call for evidence’. The consultation is seeking views on the principles and design of a new framework for taxing shares and securities under Stamp Duty and Stamp Duty Reserve Tax (SDRT), as well as consideration on any modernisation programme.

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The Office of Tax Simplification (OTS) has launched a Capital Gains Tax (CGT) review and call for evidence. Perhaps the chancellor has his eye on reforms in this area ahead of an Autumn budget.

In Foodwood Limited v Revenue Scotland [2020],  the First Tier Tribunal (FTT) for Scotland Tax Chamber was held that a reasonable excuse against a £100 penalty does not include relying on a reminder from Revenue Scotland to submit a three-year LBTT Lease Review Return (LBTT return). 

In Shu Fang Yang v Revenue Scotland [2020], the First Tier Tribunal (FTT) for Scotland Tax Chamber held that ignorance of the law is not a reasonable excuse for late submission of the three-year LBTT Lease Review Return (LBTT return).