In F Anstock v HMRC [2017] TC05784 HMRC issued the taxpayer with an Information Notice that was so poorly drafted that the FTT declared it invalid and so quashed penalties relating to the notice.
SME Tax News
In Sir Keith Mills, Team Origin LLP v HMRC [2017] TC05844 the First Tier Tribunal (FTT) disallowed sideways loss relief for a LLP formed to compete in the prestigious America’s Cup yacht race: there was little hope of any realisation of profits.
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.
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).