Actor Arnold Schwarzenegger found his travel plans temporarily terminated when he was detained at Munich Airport for allegedly avoiding tax payable on a luxury watch. He was on his way to Austria to auction the custom-made Audemars Piguet watch for charity.
SME Tax News
In The Trustees of the Peter Buckley Settlement v HMRC [2024] TC09022, the First Tier Tribunal (FTT) found that Capital Gains Tax (CGT) Entrepreneurs’ Relief was not available on a trust’s share disposal. The company was not the qualifying beneficiary’s 'personal company' for the required period.
The House of Commons Library has published 'Tax Statistics: an overview' using research from several resources. The report shows that for 2022/23 UK government revenues were £1,027 billion, equivalent to 40% of GDP, with Income Tax, National Insurance Contributions (NICs) and Value Added Tax (VAT) contributing around three-fifths of all revenues.
HMRC has launched a consultation ‘Tax Simplification for Alternative Finance’. This explores proposals to address the difference in Capital Gains Tax (CGT) treatment when property is refinanced using alternative, rather than conventional, finance methods.
In Bandstream Media and Corporate Communications Limited v HMRC [2024] TC09016, the First Tier Tribunal (FTT) found that an employer could not base its Coronavirus Job Retention Scheme (CJRS) claims on a salary which was increased after 19 March 2020, and in lieu of dividends.
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The ITV drama 'Mr Bates v the Post Office' has been gripping the nation and causing more than a stir in the press. More details will emerge on the Post Office's and Fujitsu's failed accounting and computer systems as the government’s inquiry re-opens. We have every sympathy for victims of the Post Office and its Horizon computer system.
The Welsh government has announced that a statutory registration and licensing scheme for all visitor accommodation in Wales will be introduced.
The Department for Levelling Up, Housing & Communities has opened 'Consultation on timescales for repairs in the social rented sector' on Awaab's Law with cost implications for private landlords.
For over twenty years more than 700 sub-postmasters were wrongly prosecuted for fraud by the Post Office. In January 2024 the Government announced a 'mass exoneration' to clear their criminal convictions and agreeing to make an upfront payment of £75,000 in extra compensation.
HMRC's latest One-To-Many letter campaign targets landlords claiming tax relief on high levels of repair costs.