Hello

This time we have a capital taxes round-up. It seemed like a good idea in the lull before the Chancellor's Autumn Statement in December.

We have been updating core guides on our webservice, CGT Main residence relief, Furnished Holiday Letting, Joint Property tax and Share Loss relief with lots of new worked examples and planning points, many of which arise following a combination of queries to our Virtual Tax Partner service and case law. All very interesting from this side of the fence and I hope that you all find that this evolving service is practical and helpful too.

We also have summaries of the latest batch of CGT cases from the tax tribunals 

Scroll down for news and updates.

Best wishes

Nichola Ross Martin FCA Tax Director

www.rossmartin.co.uk

Your online Virtual Tax Partner®: practical support for accountants, tax advisers and their clients.

Capital taxes case round-up

Disguised employment and Entrepreneurs' Relief
We look at two different cases in which taxpayers claimed that they were employees in order to claimed ER on the disposal of shares. Not ideal for their employing companies: they may receive a NICs bill.

CGT Private Residence Relief case round-up 
Food for thought: two cases - in one the taxpayer failed to make a PRR election and in the other the house was not in a fit state to qualify as a residence.

Share loss relief: executors may claim on deceased behalf
Interesting to that HMRC would object to a loss claim in the year of death, but the tribunal found for the taxpayer's estate.

Client Briefing

How to avoid penalties for carelessness?
With rumours that HMRC is setting the default setting for penalties at "deliberate" clients need to "man up" and perhaps take a fresh look at what HMRC expects of them.

Essential reading & updates 

(subscribers only - paid content from here on)

Furnished holiday letting
UPDATE: new examples, topical tips on partnerships and joint income, planning points and CGT mitigation.

CGT Private Residence Relief 
UPDATE:  more worked examples and planning suggestions for married couples and civil partnerships.

Joint property guide
UPDATE: summary of the joint property rules, case updates, planning points and pitfalls.

Entrepreneurs' Relief
The latest version of this guide answers your FAQs and adds case law.

Share loss relief (neligible value claims)
A very useful relief. If you time this well, a capital loss may be relieved against income.

Penalties

The Advisers' penalty planner
Win friends and scare clients: what penalty applies to what, why and when.

How to appeal a tax penalty
Step by step guide to appeals and case management. 

Editor's choice

Finance Act 2014: tax update & rolling planner
Update: you won't ever feel overwhelmed with the size of the Finance Act with our guide to what's hot in SME taxes.

Employee Ownership Trusts: an new exit route for owner-managers?
Briefing for directors and their advisers.

Schedule 36 Information Notices

A practice guide to HMRC's powers and use of information notices, contains case summaries and practical points on making appeals.

Employment related securites: share scheme basics
Giving shares to a director or employee? They are employment related, this is a step by step guide to employee share ownership.

 

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