In X Ltd, Y Ltd, Z Ltd and 17 individuals v HMRC [2020] UKUT 0029 (TCC), the Upper Tribunal (UT) confirmed that it would be fruitless for the tribunal to consider a taxpayer's applications for a closure direction. HMRC was actively investigating and had issued notices to third parties requiring further information. It also confirmed that the First Tier Tribunal (FTT) does have the authority to order an ex parte hearing to heard in public.
SME Tax News
In Pervez Akhtar v HMRC [2020] TC07545, the First Tier Tribunal (FTT) found that a taxpayer's excuse of 'bank error' was reasonable. It upheld the appeal against a penalty for failure to provide bank statements in response to an Information Notice from HMRC.
In HMRC v Ardeshir Naghshineh [2020] UKUT0030, the Upper Tribunal (UT) refused sideways relief for farming losses. A competent farmer would have had a reasonable expectation of profits several years before the loss-making periods.
Hello,
As we near the end of ‘Self Assessment, Season 23’ (it all started back in 1996), I am sure that we are all relieved that it's over.
Highlights: Updated HMRC guidance on what is a "dwelling" and higher rates on the replacement of a main residence. A reminder that Welsh properties are subject to LTT, not SDLT. HMRC clarifies how to treat leases for SDLT.
HM Treasury have published the responses to their consultation, “Transposition of the Fifth Money Laundering Directive” and opened a new consultation, “Fifth Money Laundering Directive and Trust Registration Service”.
HMRC have released guidance on the new rules for non-resident companies owning UK property and when they move from income tax to Corporation Tax in April 2020.
Hello,
As we approach the Self Assessment (SA) filing deadline, we are featuring some key guides to answer your last-minute tax queries. We feature our latest Private Client Update which is packed full of essential reading and recent cases.
A round-up for subscribers of the latest developments in tax for private clients, covering Income Tax, Capital Gains Tax (CGT) and Inheritance Tax (IHT).
Missed our SME Tax Web-updates in December? Here is a summary of the month.