In its latest 'Pension schemes newsletter 115' – November 2019, HMRC has warned pension scheme administrators that they must remind their members to declare details of their annual allowance charges in their self-assessment returns.
SME Tax News
In John Pettitt v HMRC [2019] TC7451 reliance on a tax agent was not a reasonable excuse and late filing penalties of £1,935 were upheld by the FTT.
HMRC have published new advisory fuel rates for company car drivers which will apply from 1 December 2019.
Doctors may have done other high earning UK taxpayers a favour by pushing the issue of the Annual Allowance Taper up the political agenda. What are the issues? Are doctors really being treated badly?
The Scottish Budget was originally scheduled for election day, 12 December 2019. It has therefore been delayed and no new date has yet been set.
Hello
We have a mixed bag of updates and case reports this week, but funnily enough, the capital taxes are the ones that always catch our eyes.
In Margaret Vincent v HMRC [2019] TC7432, the First Tier Tribunal found that a valid interest in possession had been created in a family home so it had to be included in the beneficiary’s death estate.
In William Charnley & Maxwell Hodgkinson as Executors of the Estate of Thomas Gill (deceased) v HMRC [2019] TC7425 the First Tier Tribunal allowed claims to APR and BPR. It was a working farm so the house was a farmhouse and the business was not an investment business.
In Stephen Reneaux and Lynne Reneaux-Smith v HMRC [2019] TC7441, a claim for Entrepreneur’s Relief under the associated disposal rules failed. There had been a partnership, however it was not engaged in any trade.
The prime minister has announced to the Confederation of British Industry (CBI) that if re-elected, the Conservative Party will back down from its pre-election pledge to reduce corporation tax. This means that the 19% rate is likely to remain for 2020.