HMRC have started writing to UK domiciled taxpayers and their agents about Capital Gains Tax (CGT) where HMRC have third party information that indicates they hold or have held, investments in cryptoassets.
SME Tax News
HM Revenue & Customs (HMRC) have released their 'Consultation outcome: Basis period reform'. The responses cover the proposed changes to the basis period rules which affect unincorporated businesses. The proposal to align the tax and accounting years for unincorporated businesses will be included in Finance Bill 2022.
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The draft Finance Bill 2022 was published today; this follows last week's Budget announcements. We continue our evaluation of Autumn Budget 2021 materials and we review consultation outcomes.
The Finance Bill 2022 introduces a number of measures that will extend or increase the reliefs available to businesses in the creative sector, including museums, theatres, galleries, orchestras and film production companies.
HM Treasury (HMT) has released its response to its consultation 'Residential Property Developer Tax' (RPDT) which is to be introduced from April 2022. The tax is aimed at raising funds for building safety remediation works.
The government has published 'Consultation: The new alcohol duty system' which outlines a new structure of alcohol duty, including new rates and reliefs, and it is seeking views on the proposals.
HMT have published their final report on the March 2020 'Business Rates Review Call for Evidence' which launched a fundamental review of business rates, aiming to reduce the burden on business and improve the business rates system.
In Stuart A Cormack v HMRC [2021] TC08289, the First Tier Tribunal (FTT) struck out the appeal in part, finding that SEIS and EIS had been incorrectly claimed but in light of alleged agent fraud, HMRC had failed to prove that the discovery assessments issued were valid.
HMRC are writing to taxpayers who received one of the first three grants under the COVID-19 Self Employment Income Support (SEISS) scheme and have not filed a Self Assessment return for 2019-20. HMRC are urging them to do so within 30 days or face having to repay the grants.
In Michael & Bridget Brown v HMRC [2012] TC08158, the First Tier Tribunal (FTT) concluded a Stamp Duty Land Tax (SDLT) avoidance scheme did not work. That the property was transferred to the Appellants by way of capital reduction did not avoid an SDLT charge.