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The Transactions in Securities (TiS) rules cast an extremely wide snare. In a nutshell, they seek to block Capital Gains Tax (CGT) relief where a shareholder seeks to gain an Income Tax advantage on a disposal of shares (or securities). The First Tier Tribunal (FTT) has released its judgment in a fascinating TiS case.
The Prime Minister Rishi Sunak has announced that the general election will be held on 4 July 2024. As a result, ongoing live consultative work with stakeholders will be paused during the pre-election period. 2024 is another interesting year for tax advisers and it's highly probable that any winner of the election will hold an Autumn budget.
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We have all been at the Accountex show this week. It has been very well attended, and now that we are over the COVID slump it seems that almost everyone is out and about and back to 'in-person' events. It's great to be back networking, hearing feedback from our lovely subscribers and and it gives a us a good chance to demonstrate our amazing tax resources to potential new customers.
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We continue to delve a little deeper into Basis Year Reform this week, adding extra FAQs and examples to our guides. We also have updates for partners and partnerships who may well want to consider changing their accounting periods for reporting to simplify tax reporting under the new tax year basis of assessment.
The First Tier Tribunal (FTT) has heard details of a VAT and NICs tax appeal test case featuring 'Mini-Umbrella Companies (MUCs)' run by Filipino directors. The scheme, created by UK advisers, after taking the opinion of a KC, was promoted on Facebook and facilitated the making of fraudulent claims for agency workers after setting up VAT and PAYE records and taking advantage of HMRC's systems.
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