A five-year review of the Women in Finance Charter estimates that it is still going to take until 2033 before financial services achieve gender parity at the board and executive level. Based on current appointment rates there is little hope of ever seeing any women on the boards of hedge funds in this lifetime.
SME Tax News
The government has released a summary of the responses to their 'Clamping down on promoters of tax avoidance' consultation and has issued draft legislation enacting the provisions.
HMRC have released a new tool ‘Check if you might need to pay Inheritance Tax’ to allow those dealing with deceased estates to work out the approximate value of the estate to help decide whether any Inheritance Tax (IHT) is likely to be due or not.
Hello,
This time we report on HMRC's proposals on reforming the tax basis year provisions, we review the other draft proposals for the next Finance Bill, there is another Agent Update and news of a new R&D fund, and for subscribers, a very timely 'What's new' for Capital Allowances.
HMRC have published a new consultation ‘Basis period reform’ alongside a policy paper and draft legislation that propose a simplification of the Income Tax rules for the self-employed by allocating trading profit to tax years regardless of the business’ accounting period end date.
In Charles Tyrwhitt LLP v HMRC [2021] UKUT 0165, the Upper Tribunal (UT) upheld the decision of the First Tier Tribunal (FTT) that found that bonuses awarded to five individuals whilst they were members of an LLP were in fact related to their former roles as employees. As such NICs amounting to about £1 million were due on the payments.
The government has released a summary of the responses to its 'Modernisation of stamp taxes on shares: Call for evidence'.
In Kandore Limited & 19 Others v HMRC [2021] EWCA Civ 1082, the Court of Appeal agreed that the First Tier Tax Tribunal (FTT) did not have the power to allow the taxpayers being investigated to participate in a hearing to approve third-party information notices. The legislation prevented it and a public hearing was not appropriate.
The General Anti-Abuse Rule (GAAR) Advisory Panel has published details of three opinions covering employee rewards that use loans which found that the planning used was unreasonable.
HMRC have published a new policy paper, 'Tax debt, government lending schemes and Company Voluntary Arrangements (CVAs)' on the collection of tax debts from businesses as the support schemes from the pandemic start to wind down and the moratorium on company winding-up petitions comes to an end in September.