Hello,
Things are moderately quiet in terms of tax news this week, however we do feature some new, invaluable practical guides and updates. There are also new consultations on several aspects of Scottish and Welsh devolved taxes, and a response from HMRC on its Cryptoasset promotions consultation.
In Andrew & Tiffany Doe v HMRC [2022] UKUT00002, the Upper Tribunal (UT) endorsed the FTT decision that a residential property purchase did not represent the purchase of two separate dwellings on which Multiple Dwelling Relief (MDR) for Stamp Duty Land Tax (SDLT) could be claimed. The taxpayer's appeal was dismissed.
The Welsh Senedd has published 'Consultation: Welsh Tax Acts etc. (Power to Modify) Bill' which seeks views on the proposed Bill, the principles behind having the power to modify Welsh Tax Acts and protect Welsh tax revenues, as well as the effectiveness of the proposed mechanisms.
In Epaminondas Embiricos v HMRC [2022] EWCA Civ 3, the Court of Appeal (CoA), adjudged the taxpayer was prevented from forcing HMRC to issue a closure notice covering only his domicile status, against which he could appeal until the underlying tax at stake could be quantified.
HMRC have released the Stamp Taxes Newsletter: January 2022. This is our enhanced version with links to our guides and SDLT tools.
In Strategic Branding Limited v HMRC [2021] TC08348, the First Tier Tribunal (FTT) found, contrary to a previous decision on the same tax scheme, that contributions to a remuneration trust were disguised remuneration taxable under Part 7A ITEPA. They were not deductible for Corporation Tax as they failed the wholly and exclusively test.
HM Treasury have published the responses to the 'Cryptoasset promotions' consultation, along with further detail on how the government intends to regulate cryptoasset promotions.
The Scottish Government has released the summary of responses to their consultation, 'Tax policy and the Budget – a framework for tax'. This details stakeholder feedback on how the Scottish Government could enhance its approach to tax policy over its next parliamentary session.
Hello,
Many VAT registered businesses will be very pleased to note that the introduction the new (and horribly complex) VAT points-based, late-penalty regime is being deferred until next January. The delay is being blamed on IT development at HMRC's end. I just hope that the new system carries with it some adequate safeguards to allow taxpayers to check that penalties are applied accurately, to report errors and even to appeal.
HMRC have issued their Agent Update for January 2022. We have summarised the key content for you with links to our detailed guidance on the topics covered.