In his Autumn Statement 2016 the chancellor announced the removal of tax reliefs for individuals entering into Employee Shareholder Status (ESS) agreements on or after 1 December 2016.
SME Tax News
The Headlines and Highlights of the 2016 Autumn Statement.
Highlights of the chancellor's Autumn Statement - live feed.
In Mr & Mrs Carrasco v HMRC [2016] TC05460 the First Tier Tribunal (FTT) set aside a penalty for careless inaccuracy: the taxpayer relied on incorrect professional advice in making a Private Residence Relief claim.
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In Raymond Tooth v HMRC [2016] TC 05452 the First Tier Tribunal (FTT) found that the extended discovery assessment time limit did not apply as the taxpayer’s deliberate error did not directly bring about the loss of tax. Spoiler alert: this case has been subject to various appeals, and was decided in favour of the taxpayer by the Supreme Court in 2021.
A guide for registered subscribers.
What's new in Gift Aid 2016/17?
In Blackhorse Property Management Ltd v HMRC [2016] TC05449 the First Tier Tribunal (FTT) upheld but reduced a penalty for failing to register under the money laundering regulations.
- Further consultation: Gift aid donor benefits
- OTS further review: alignment of income tax and NIC
- IHT: Charitable exemption only applies to UK and EU charities
- HMRC head on MTD: transaction summaries are not accounts
- Nichola's SME Tax W-update 11 November 2016
- OTS: Call for evidence on simplifying CT computation