Missed our SME Tax Web-updates in March? Here is a summary of the month.
SME Tax News
HMRC have published a response to their 2018 consultation ‘The Taxation of Trusts: a review’ which considered if the system for taxing trusts meets the principles of transparency, fairness, neutrality, and simplicity. The conclusion is that no comprehensive reform is currently required.
In (1) David Hyman and Sally Hyman (2) Pensfold (3) Craig Goodfellow and Julie Goodfellow v HMRC [2021] UKUT0068 the Upper Tribunal (UT) considered the definition of residential property and determined that residential rates of Stamp Duty Land Tax (SDLT) should apply to the purchase of three different properties that all included substantial plots of land.
In Inmarsart Global Ltd v HMRC [2021] UKUT0059, the Upper Tribunal refused a claim to Capital Allowances for the launch costs of leased satellites. The assets did not ‘belong’ to the taxpayer in the way that the legislation required.
Hello
The government published more than 30 tax updates, consultations and other documents this week. These are in addition to the announcements made earlier this month in Budget 2021. As the new documents cover a diverse range of topics, we have picked out some of the highlights and will continue reviewing the other proposals in the coming weeks.
HMRC have published a Call for Evidence entitled ‘The tax administration framework: Supporting a 21st-century tax system’. It seeks views on how the framework might be reformed.
In a recent agent webinar HMRC advised that they will soon be issuing determinations of Income Tax and NICs to taxpayers affected by the loan charge who have failed to include the charge on a 2018/19 Self Assessment return.
HMRC have opened a new call for evidence about the timely payment of Corporation Tax by small companies, and Income Tax. It seeks views on the opportunities and challenges of introducing in-year calculation and payment of these taxes.
HM Treasury have released a summary of the responses to their 'Call for Evidence on Social Investment Tax Relief' (SITR).
HMRC have published a consultation on the requirement for anyone providing tax advice to hold professional indemnity insurance. The consultation will also consider the definition of tax advice. The consultation will close on 15 June 2021.