In Netley v HMRC [2017] TC05904 the Court considered the valuation of unquoted shares for tax purposes, with particular emphasis on the relevance of quoted share prices and a lengthy analysis of the information that could be expected to be available to a prospective purchaser. This was the lead case on the market value of shares in Frenkel Topping Group Plc (FTG).
SME Tax News
In Cosmetic Warriors Limited & Lush Cosmetics Limited v Andrew Gerrie [2017] EWCA Civ 324, the Court of appeal held that the Articles of Association created a statutory contract setting out how the shares had to be valued. As no provision was made for discounting a minority holding no discount should be applied.
In U v J [2017] EWHC449 (Fam) a well-travelled divorcing spouse changed her domicile to England and Wales despite only spending a short time there nearly two decades ago.
HMRC has now started using RTI data from employers to recalculate employee tax codes in real-time. This will be used when a tax code review is triggered, such as when a new BIK is notified.
Under changes to the European Union Financial Sanctions, a whole range of new businesses must report anyone who they suspect is subject to international financial sanctions to HM Treasury.
In Frederick Henderson & Ors v HMRC [2017] TC06010 the domicile of four children was considered by virtue of their father's and grandfather's domicile of choice and origin.
HMRC have confirmed that from 4 September 2017 they will no longer send agents paper copies of SA302s for clients.
If you use Transcash at the Post Office to pay PAYE, you will need to find an alternative arrangement from December 2017.
From 1 November 2017, when a UK individual uses a UK mobile phone outside the EU, UK VAT will be charged.
HMRC have issued their Agent Update for August / September 2017. We have summarised the key content for you with links to our detailed guidance on the topics covered.