HMRC have published responses to the consultation, 'Capital Gains Tax: Private Residence Relief: changes to the ancillary reliefs' together with draft legislation as part of Finance Bill 2020.
SME Tax News
In P N Bewley Ltd v HMRC [2019] TC6951, the First Tier Tribunal (FTT) found that a derelict bungalow was unsuitable for use as a dwelling and was subject to the lower rate of stamp duty land tax (SDLT) for a non-residential building.
In Mohammed Hafeez Katib v HMRC [2019] UKUT 189 the Upper tribunal (UT) held that the incompetence of an adviser did not justify a late appeal; they overturned a decision of the First tier tribunal allowing the late appeal.
HMRC published Off-payroll working rules from April 2020 Summary of Responses in response to its second consultation on the introduction of the new off-payroll working rules for workers working in the private sector.
In Louise Willmott v HMRC [2019] TC6789, it was held that class 1 national insurance contributions from two associated employments could be aggregated, and class 3 contributions could be paid after the usual time limit.
Following a request from the Chancellor, the Office for Tax Simplification (OTS) has completed its review into ways to simplify Inheritance Tax and has now published the second part of its report.
HMRC have released additional information via their agent webinars about how to report disguised remuneration loans for the loan charge.
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The draft clauses for the Finance Bill 2020 were published this week, items of key interest to SME advisers include the introduction of 'off-payroll working' to the private sector and restrictions on Capital Gains Tax (CGT) Private Residence Relief (PRR).
The House of Commons Treasury Committee have taken a close interest in the progress of Making Tax Digita for VAT. MPs have become concerned about the decreasing service levels on some of HMRC’s VAT helplines and new statistics reveal that average call times are increasing.
HMRC have published a new research report ‘Lifetime Gifting: Reliefs, Exemptions, and Behaviours’ into taxpayer awareness of the inheritance tax (IHT) rules and how it influences the making of lifetime gifts.