SME Tax News
In Judith Thorne v HMRC [2016] UKUT 0349 (TCC) the Upper Tribunal (UT) considered how to determine whether a single trade existed for restriction on loss relief: was land occupied as a farm or as a market garden?
HMRC have provided their first examples showing how they might apply the new targeted anti-avoidance rule (TAAR) to combat "phoenixing" which was introduced by Finance Bill 2016.
In Anthony Bayliss v HMRC [2016] UKFTT TC05251 a taxpayer who used a tax avoidance scheme was found not to be acting fraudulently or negligently after relying on professional advice.
In The Personal Representatives of Michael Wood v HMRC [2016] UKUT 0346 the Upper Tribunal (UT) has held that a discovery assessment does not have to be set aside just because the taxpayer has died.
The Office of Tax Simplification (OTS) have published two discussion papers on small company tax reform, ‘Lookthrough taxation’ and ‘Sole Enterprise with Protected Assets'.
HMRC's online system for applications to protect the lifetime allowance is now up and running. Anyone who made a temporary application in April - July now has to make a full online application.