In M & E McQuillan v HMRC [2016] TC05074 redeemable non-voting shares carrying no right to a dividend were not counted as ordinary shares for CGT relief on the basis that no right to a dividend amounted to a fixed rate dividend of 0%. This finding is contrary to HMRC's manuals.
SME Tax News
In Bernard Bediako v HMRC [2015] TC05054 an accountant's misunderstanding of self assessment and the appeals procedure resulted in a tax penalty for the taxpayer.
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We have a Land & Property special this time, with our latest Adviser's Update providing a detailed summary of all the recent developments and proposals in all areas of property taxation from income tax to SDLT.
In G4S Cash Solutions (UK) Ltd v HMRC [2016] TC05015 the First Tier Tribunal confirmed that parking fines incurred by the company could not be deductible for tax purposes.
Many small businesses will benefit from proposed amendments to Finance Bill 2016 which will enable connected employers to share the £15,000 Apprenticeship Levy allowance which will be introduced from April 2017.
The Chairman of the House of Commons Treasury Committee has written an open letter to David Gauke, the Financial Secretary to the Treasury, raising concerns about the implementation costs for businesses of the Making Tax Digital proposals.
HMRC has updated its yield statistics for the Liechtenstein Disclosure Facility (LDF). It seems that the number of disclosures has risen slightly as the facility winds down and the average disclosure level follows a very, very smooth straight line upwards.
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A really short tax web-update this week, due to the fact that we have been working extremely hard to provide you with summaries! I hope that you like it.