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I thought that this week would be quite quiet from an editorial point of view, but far from it. In this time's web-update, our highlights are our latest Company Tax update, news of the Jobs Retention Bonus, a useful VAT decision from the Upper Tribunal for online agencies and an updated guide to the taxation of cryptocurrences and cryptoassets.
On 5 November 2020, the government announced an extension to the Coronavirus Job Retention Scheme (CJRS) to 31 March 2021. Because of this, the policy intent of the Job Retention Bonus’ (JRB) falls away.
The JRB will not now be paid in February 2021. Further updates are awaited from the government.
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This time we have a capital taxes round-up. We look at the options of those thousands of taxpayers who still have Employee Benefit Trust loans, we review some topical cases and we have new CPD.
In Ian Shiner & David Sheinman v HMRC [2020] TC7779, the First Tier Tribunal (FTT) disallowed interest on loans to members of a trading partnership. The loans were taken by the partners as investors and not the partnership and the interest paid was not wholly and exclusively for the partnership trade.
In Edward Burrell v HMRC [2020] TC07766, First Tier Tribunal (FTT) found the construction of a houseboat did not meet the 'construction of a building designed as a dwelling' and therefore did not qualify for the DIY scheme.
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