In Trustees of the Paul Hogarth Life Interest Trust 2008 v HMRC [2018] TC06757 the First-Tier tribunal (FTT) held that a notice to file a tax return cannot be served on a trust where all income is mandated to the life tenant and there are no chargeable gains; the late filing penalties were invalid.
SME Tax News
In HMRC v The Estate of Maureen M Vigne (deceased) [2018] UKUT 0357, the Upper Tribunal (UT) dismissed HMRC’s appeal against the FTT decision. The FTT had applied the correct legal tests in deciding that a DIY livery business did not consist of wholly or mainly in making or holding investments. The BPR claim was upheld.
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As you know we had the Budget earlier in the week. Some announcements have immediate effect and these include changes to Entrepreneurs' Relief. These are all listed in our Budget Summary.
V M Gadavi & others v HMRC TC6762, the FTT found that compensation received for mis-sold interest rate hedging products (IRHPs) was taxable as a business income.
HM Treasury has published ‘Financing growth in innovative firms: Enterprise Incentive Scheme knowledge-intensive fund consultation response’ and in response will introduce a new EIS fund structure.
HMRC has published a response to its consultation ‘ Royalties Witholding tax’ together with draft legislation included in the Finance Bill 2019.
HM Treasury has published ‘VAT registration threshold: Summary of responses’ and have confirmed that the turnover threshold will remain fixed until April 2022.
HM Treasury has published ‘Taxation of self-funded work-related training: summary of responses’ and has decided not to extend the tax relief available.