In Lee & Bunter vs Commissioners for HMRC [2017] TC05757, the First Tier tribunal (FTT) found that a tax scheme which aimed to avoid capital gains tax (CGT) for an offshore trust by taking advantage of the double tax treaties failed: the trust was effectively managed in the UK and so resident here.
SME Tax News
HMRC have released new and updated guidance for those who use HMRC as their supervisory body under the Money Laundering Regulations.
HMRC will start to use the data is acquires under Real Time Information (RTI) for PAYE, this May. This will mean that it will be able to revise and issue more accurate PAYE coding notices during the year.
In Champneys Tring Limited v HMRC [2017] TC 05685 the First-tier Tribunal (FTT) upheld a PAYE determination on an employer who operated an incorrect tax code.
In John Jackson v HMRC [2017] TC05818 the First-tier Tribunal allowed a late application for enhanced protection: the taxpayer had a reasonable excuse for his latenesss.
In June 2017 HMRC will launch a compulsory online Trusts Registration Service for all trusts with UK tax liabilities and complex estates.
Finance (No 2) Bill 2017 received Royal Assent on 27 April 2017, becoming Finance Act 2017 and parliament was dissolved on 3 May 2017.
A round-up of the latest developments in tax for private clients, covering Income Tax, Capital Gains Tax (CGT) and Inheritance Tax (IHT).
HMRC have published a consultation ‘Fraud on provision of labour in the construction sector: consultation on VAT and other policy options’.
HMRC have issued their Agent Update for April / May 2017: we have summarised the key content for you with links to our detailed guidance on the topics covered.