In Assem Allam v HMRC [2021] UKUT 0291, the Upper Tribunal (UT) found that the Transactions in Securities provisions did not apply when a wealthy entrepreneur sold his property company to his trading group for nearly £5m in cash, despite earlier clearance being denied. There was no evidence of any tax avoidance motive.
SME Tax News
In Hargreaves Property Holding Limited v HMRC [2021] TC08310, the First Tier Tribunal (FTT) found that despite extensive offshore loan restructuring, loan interest paid from profits arising from UK assets was from a UK source. It was subject to withholding tax on the payment to non-UK recipients.
HMRC has published the result for recent research, ‘Understanding the characteristics of unaffiliated tax agents’. It explores the characteristics of unaffiliated tax agents, those agents who are not members of a professional body. It seems that these agents fall into four different typologies.
HMRC have opened a Call for Evidence, 'Modernising Tax Debt Collection from Non-Paying Businesses'. The paper is seeking views on how HMRC can adapt its approach to debt collection.
HMRC have released, 'Timely payment: summary of responses'. These responses include views on the opportunities and challenges of using in-year calculations to calculate Corporation Tax for small companies and Income Tax liabilities.
HM Treasury have opened a new Call for Evidence, ‘Umbrella Company Market’ inviting views on the role that umbrella companies play in the labour market, and how they interact with tax and employment rights. It sets out concerns raised by stakeholders, as well as government action already taken to tackle tax non-compliance and improve protection for workers.
HMRC have released a call for evidence, 'Income Tax Self Assessment (ITSA) registration for the self-employed and landlords'. It seeks views on the case for reforming the registration process for ITSA for individuals with those sources of income.
The Treasury has responded to the Office of Tax Simplification's (OTS) reports on Inheritance Tax (IHT) and Capital Gains Tax (CGT). Some of the OTS's recommendations will be implemented while others have been rejected.
HMRC have issued a warning for Christmas shoppers to be aware of potential customs charges arising on certain goods purchased and imported from the EU due to changes that came into effect on 1 January 2021 when the Brexit transition period ended.
In Wendy Carrington v HMRC EWCA Civ 1724, the Court of Appeal (CA) found EU law did not cause the entitlement to UK Child Benefit to remain after the taxpayer ceased to be UK resident.