In Robert David Sidebottom and Jane Elizabeth Pickett v HMRC [2018] TC06724 the First Tier Tribunal (FTT) found that enhancement expenditure by a company on property owned by it’s shareholders was not deductible for capital gains tax; an irrecoverable directors loan to the company was not a reimbursement of the expenditure.
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HMRC have published their Employer Bulletin for October 2018. We summarise the key content for you, with links to our detailed guidance on the topics covered.
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We have a Private Client update this week: I definitely recommend that you read this if nothing else. However, we of course have our pick of interesting cases, and if you like VAT, then we are continuing our detailed look at land and property.
In Daarasp LLP And Betex LLP v HMRC [2018] TC06718 the First Tier tribunal refused £43million of capital allowance claims for software licences; the LLPs were not trading and even if they had been, the expenditure had not been incurred in the relevant accounting period.
In Hastings Insurance Services v HMRC [2018] TC06656 the FTT confirmed that the principle of open justice allows the public to access unpublished legal arguments used in a public Tribunal hearing even if you have no direct connection to the case.
A round up for subscribers of the latest developments in tax for private clients, covering income tax, CGT and IHT.
The Scottish Parliament has announced that its Draft Budget 2019/20 will be published on 12 December 2018.
The European Commission have approved the continued use of the UK's VAT fuel scale charge adjustment for private use of cars until 31 December 2020.
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An interesting take on ADR and a look at take-aways and HMRC best judgement assessments this week, the close company case is overturned and the Budget is set for October.