The government has concluded its review of the Small Brewer's Relief and announced that it intends to remove the 'cliff-edge' of production levels and taper relief.
SME Tax News
The government has launched two new consultations dealing with tax avoidance, ‘Tackling promoters of tax avoidance’ and ‘Call for evidence: Tackling Disguised Remuneration tax avoidance.’
HM Treasury has published a response to ‘Stamp Duty Land Tax: non-UK resident surcharge consultation’ on the introduction of a new surcharge on non-UK residents purchasing residential property in England and Northern Ireland, from 1 April 2021.
The government has launched ‘Modernisation of the stamp taxes on shares framework: call for evidence’. The consultation is seeking views on the principles and design of a new framework for taxing shares and securities under Stamp Duty and Stamp Duty Reserve Tax (SDRT), as well as consideration on any modernisation programme.
In Foodwood Limited v Revenue Scotland [2020], the First Tier Tribunal (FTT) for Scotland Tax Chamber was held that a reasonable excuse against a £100 penalty does not include relying on a reminder from Revenue Scotland to submit a three-year LBTT Lease Review Return (LBTT return).
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The Office of Tax Simplification (OTS) has launched a Capital Gains Tax (CGT) review and call for evidence. Perhaps the chancellor has his eye on reforms in this area ahead of an Autumn budget.
In Shu Fang Yang v Revenue Scotland [2020], the First Tier Tribunal (FTT) for Scotland Tax Chamber held that ignorance of the law is not a reasonable excuse for late submission of the three-year LBTT Lease Review Return (LBTT return).
Following a request from the Chancellor, the Office of Tax Simplification (OTS) has launched ‘Capital Gains tax review - call for evidence’ plus an online survey. It wants to hear from taxpayers and their advisers about which areas of Capital Gains Tax are complex and hard to get right and suggestions for improvements.
A group of millionaires from around the world called ‘Millionaires for Humanity’ have signed an open letter urging governments to charge them more tax to help with economic recovery from the COVID-19 pandemic.
In Asif Bhikhi v HMRC [2020] TC7728, the First Tier Tribunal (FTT) held that a property transferred to a relative to raise funds was a chargeable disposal for Capital Gains Tax. There was no evidence that any trust had been created and even if there had, there would still have been a disposal.