HMRC have published 'Capital Gains Tax statistics' which show that despite the halving of the annual tax-free allowance from £12,300 to £6,000, the tax take fell by 18% in 2023-24.
SME Tax News
In Millennium Cash & Carry Ltd v HMRC [2025] TC09583, the First Tier Tribunal (FTT) found that a company could retain Soft Drinks Industry Levy (SDIL) credits it had claimed, despite not being entitled to them. HMRC had no free-standing power to assess or withdraw credits claimed in periods in which there was no SDIL due.
In Abbotsford Property Group Limited & Anor v Revenue Scotland [2025] FTSTC 9, the First Tier Tribunal (FTT) for Scotland upheld assessments and penalty notices for Land and Buildings Transaction Tax (LBTT) due to the carelessness of the tax adviser, both in providing inaccurate advice and failing to disclose in a timely way.
In HMRC v Marc Gunnarsson [2025] UKUT 247 (TCC), the Upper Tribunal (UT) found that Self-Employment Income Support Scheme (SEISS) claims by a director of a limited company were incorrect. He was required to repay the amounts claimed.
In Mark Campbell v HMRC [2025] TC09585, the First Tier Tribunal (FTT) accepted a taxpayer's claim to Private Residence Relief (PRR) on the disposal of multiple properties under the job-related accommodation rules, whilst living in his parents' home.
Hello,
This week saw ‘Legislation Day’. It is one of the significant dates in the tax calendar with the Government publishing draft clauses for the 2025-26 Finance Bill along with various supporting documents, including consultation outcomes.
'Legislation Day' (L-Day) was on Monday, 21 July 2025. The Government published draft clauses for Finance Bill 2025-26, along with accompanying explanatory notes, tax information, impact notes, responses to consultations and other supporting documents. This is our freeview summary of the announcements and publications.
SUBSCRIBERS: see Legislation Day 2025 (subscribers) for your detailed version of this summary.
HMRC have published their Transformation Roadmap for the future tax and customs system. The aim is to create a modern tax system that supports public finances while reducing the administrative burden on taxpayers.
HMRC have published the outcome of the consultation, 'Better use of new and improved third-party data'. The reform of HMRC’s bulk-data gathering powers will lead to closer scrutiny of smaller businesses that account for around 60% of the nation's overall tax gap.
HMRC have published the outcome of the consultation, 'Closing in on promoters of marketed tax avoidance — summary of responses'. The primary conclusion was that there is a case for introducing a criminal offence for non-compliance with DOTAS obligations.
