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.
SME Tax News
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.
In Iveco Limited v HMRC [2017] EWCA Civ 1982 the Court of Appeal upheld the Upper Tribunal decision, that Iveco were out of time to reclaim output VAT overpaid before January 1990.
In ELS Group Limited v HMRC [2016] EWCA Civ 663 the Court of Appeal found that a VAT Extra Statutory Concession (ESC) could not be applied retrospectively.
The Leader of the House of Commons has confirmed that the Finance Bill 2016 will not receive Royal Assent until after the summer recess, with the remaining stages of the bill being considered in September.
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The weather seems to be warming up at last, but that doesn't mean things are cooling down in the world of tax.