Hello
We are now well into the political conference season and as we wait for next month's Autumn statement there is little new coming out of the Treasury or HMRC.
SME Tax News
In Stephen John Mullens v HMRC [2023] UKUT244, the Upper Tribunal (UT) upheld the decision by the First Tier Tribunal (FTT) that the receipt of £40 million in payments from the Ecclestone family by their family lawyer was taxable income rather than a gift.
The UK government has announced that 'recognition' payments of £87,500 being made to the spouses of those who lost their lives during service in order to compensate them for the loss of entitlement to war widows/widowers pension on remarriage, will be exempt from Income Tax and National Insurance Contributions (NICs).
In Sangeeta Modha v HMRC [2023] TC8936, the First Tier Tribunal (FTT) held that a field used under an informal grazing agreement did not make a house with equestrian facilities a mixed-use property for Stamp Duty Land Tax (SDLT). It was a second residential property so higher rates of SDLT applied.
Revenue Scotland has introduced guidance for the new tax relief on Green Freeports which came into effect on 1 October 2023. Claims for relief can be made once tax sites have been designated though the date for this is yet to be confirmed.
Missed our SME Tax Web-updates in September? Here is a summary of the month.
Hello
HMRC has just brought out a rather long Agent Update. As usual, we have made a summary of the 'highlights' with some helpful links. I recommend that all tax agents read the update as it does contain a lot of useful information.
A new report from the Institute of Fiscal Studies, 'Reforming Inheritance Tax', suggests that abolishing Inheritance Tax will return £1 million to the richest one per cent of UK estates, while losing the Treasury £7 billion in tax revenues.
HMRC have issued their Agent Update for September 2023. We have summarised the key content for you with links to our detailed guidance on the topics covered.
In Vitalie Milasenco v HMRC [2023] TC 08862, the First Tier Tribunal (FTT) confirmed HMRC's actions as reasonable in issuing Income Tax assessments and penalties for the deliberate failure to declare income by a long-time online seller who persistently failed to declare his income.