HMRC have published the results of recently conducted research into Entrepreneurs relief (ER) to see whether it acts as a motivating factor in individuals’ business, investment, retirement, and tax planning decisions.
SME Tax News
Following representations from the CIOT and ATT, HMRC have amended their guidance with regards to the new online trust registration service requirements in respect of beneficiaries.
HMRC have published new advisory fuel rates for company car drivers which will apply from 1 December 2017.
The new rates will be:
| Engine size | Petrol | Diesel | LPG |
| 1,400cc or less | 11p | 7p | |
| 1,600cc or less | 9p | ||
| 1,401cc - 2,000cc | 14p | 9p | |
| 1,601cc to 2,000.cc | 11p | ||
| Over 2,000cc. | 21p | 13p | 14p |
You can continue to use the old rates up to 31 December 2017, see Advisory fuel rates (company car drivers)
Related guides:
Company cars (subscribers only)
HMRC have issued a consultation document, 'VAT and Vouchers', which is the first step in the transposition of the EU Vouchers Directive 2016/1065, into UK VAT law.
In HMRC v Tottenham Hotspur Limited [2017] UKUT 0453 (TCC), the Upper Tribunal (UT) considered whether termination payments to two football players (Peter Crouch and Wilson Palacios on their transfer to Stoke) should be subject to tax and NIC as earnings “from an employment” rather than under the special rules.
In Robert Wright v HMRC [2017] TC06211 Mr Wright was found to have made a disposal when he was granted a lease in a leasehold property he already owned; creating a new lease resulted in a part disposal of the original lease.
Following the Autumn Budget 2017, HMRC have published ‘Taxing gains made by non-residents on UK immovable property - consultation’. This follows the chancellor's announcement that non-resident capital gains tax will be extended to include all UK property.
The Government asked the Low Pay Commission to make recommendations for the National Minimum Wage rates such that they are set as high as possible without causing unemployment effects.
In C King v The Sash Window Workshop Ltd [2017] EUECJ C214/16 the European Court has issued its preliminary ruling that a worker is entitled to payment for holiday not taken and where the opportunity to take paid leave has been denied, entitlement continues until they have been given the opportunity to take it.
The Treasury has published 'Financing growth in innovative firms: consultation response', a summary of responses to its patient capital consultation this summer. Respondents recommend more incentives to encourage patient capital investment, including removing connected party rules to encourage individuals to invest in their own enterprises.