In Miroslaw Pawlikowski v HMRC [2020] TC7584, the First Tier Tribunal (FTT) dismissed the taxpayer’s appeal against HMRC’s denial of tax credits for 2016/17 in respect of certain CIS deductions. The taxpayer failed to keep adequate records to support his claim.
SME Tax News
Hello,
We have our usual eclectic mixture of news and features this week. Mostly, our updates are inspired by the queries coming in to our sister Virtual Tax Partner service.
In AHK Recruitment Ltd v HMRC [2020] TC7718, the First Tier Tribunal (FTT) denied claims of SME Research & Development (R&D) relief. The conditions for relief were not met as there was no evidence of an advance in science or technology.
The government has announced the withdrawal of the VAT Retail Export Scheme (RES) from non-EU visitors and no extension to EU visitors. It was part of several policy modifications following ‘A consultation on duty-free and tax-free goods carried by passengers’.
HM Treasury have opened a new consultation ‘The scope of qualifying expenditures for R&D Tax Credits’ seeking views on what costs companies can include in R&D tax credit claims and whether they should be updated to reflect modern trends in R&D.
In Cotterell & Anor v Allendale & Anor [2020] EWHC 2234, the High Court agreed to grant additional powers to the trustees of a family settlement for the purposes of Inheritance Tax planning.
Hello,
We are counting down the days until the end of September, ever more conscious of the work that is being undertaken by HMRC in trying to agree settlement of the remaining disguised remuneration loans.
HMRC have released Spotlight 56 ‘Disguised remuneration: tax avoidance by owner-managed companies using remuneration trusts’.
In J Charman v HMRC [2019] UKUT0253, the Upper Tribunal (UT) considered whether the grant of a share option amounted to a ‘right to acquire securities’. It also considered whether shares issued on a share for share exchange were acquired as an officer or employee of the original shares.
In Alan Firth Webster [2020] EWHC 2275 (Ch), the claimant’s case for 'rectification' of his 2016/17 tax return to correct a Gift Aid claim error was dismissed by the court. It confirmed that a Gift Aid carryback election must be made in an original tax return.