HMRC has engaged Microsoft's Corporate Vice President Jacky Wright to act as its new Chief Digital and Information officer as part of its Making Tax Digital transformation.
SME Tax News
HMRC have, for the first time, released official statistics on the number of non-UK domiciled individuals in the UK and their incomes. It seems that officially, at least there are not very many.
In HMRC v M & E McQuillan [2017] UKUT 0344 (TCC) the Upper Tribunal (UT) held that shares with no entitlement to dividends were Ordinary Shares for the purposes of the Entrepreneurs’ Relief legislation. This meant the taxpayers held under 5% of the company so relief was not available.
In Oco Ltd and Another v HMRC [2017] UK FTT payments from an EBT into sub trusts were found to be earnings under the Ramsay principle; there was no possibility that the loans from the sub trusts to employees would ever be repaid.
A new HM Treasury consultation and review ‘Financing Growth in Innovative Firms’ considers the demand for ‘patient capital’ and options for a domestic replacement to the European Investment Fund (EIF), if following Brexit, that fund is no longer an active investor in UK business.
The chancellor has announced that the Autumn Budget 2017 will be held on Wednesday 22 November 2017.
HMRC have published draft secondary and tertiary legislation and guidance in respect of Making Tax Digital for business, for Income Tax and VAT, together with draft guidance on MTD for VAT. Comments are invited by 10 Nov 2017.
In David Hogg (as executor of Mrs B Dodd) v HMRC TC05987 the First Tier Tribunal (FTT) held that neither s8 nor s8A of TMA 1970 apply to an Executor’s Return so late filing penalties should be cancelled.
The CCAB has published its new draft money laundering guidance for auditors, accountants and tax advisors.