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What's the difference between a Self Assessment return containing a Provisional figure and one containing an Estimate? When did the tax return wording on this change? We wondered too. The answer lies in the guide below, in my Editor's Choice.

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The dramatic rise in the price of land and property following the COVID-19 lockdowns have resulted in taxpayers reporting record levels of capital gains. HMRC's new report reveals that most gains are created on the disposal of properties in the South East by the over-fifties many of whom are downsizing as part of retirement plans to 'escape to the country'. We note that many private landlords have taken the opportunity to cash in.

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There is not much headline news to report this week as it's the holidays. We do feature a really disturbing case in which HMRC tried to bankrupt an employee on the mistaken basis that she was a payroll operator. 

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A new government consultation considers the merits of increased tax incentives, particularly extending the Benefit in Kind (BiK) exemption for medical benefits. We have a new Agent Update and our tax cases cover sales suppression by a prolific puppy breeder and a successful input VAT claim on a fund raising share sale. It's getting to the end of another busy week.

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Legislation Day, or L Day, was last Tuesday. This is the day that the government publishes draft legislation for the next Finance Act. At first glance it all looked quite dull, but that changed upon closer inspection.