The government has published a response to the consultation ‘Limited Partnerships: Reform of Limited Partnership Law’. The consultation examined how to limit the risk of misuse of limited partnerships and ways in which laws could be updated.
SME Tax News
HMRC have published a response to their consultation earlier this year on ‘Tax deductibility of corporate interest expense’.
In W Coomber v HMRC [2016] UKFTT 0809 the First-Tier Tribunal (FTT) dismissed the taxpayer’s appeal that he had a reasonable excuse because the bank failed to honour his cheque despite sufficient funds.
In Bryan Scambler & Rebecca Scambler v HMRC [2017] UKUT 001 the Upper Tribunal (UT) denied sideways loss relief for dairy farmers who had made losses for over five years.
The House of Commons Treasury Committee have published a report recommending that HMRC change their approach to Making Tax Digital (MTD).
HMRC have published a response to their consultation earlier this year on ‘Museums and galleries tax relief’.
HMRC have published a response to their further consultation published in August 2016 on ‘Reforms to the taxation of non-domiciles’.
In Abingdon Health Limited v HMRC [2016] TC 05525, EIS relief was denied as shares acquired preferential rights on the issue of a new class of growth shares.
In Gordon Anthony Yablon v HMRC [2016] TC 05539 a late application for enhanced protection was denied as the taxpayer did not have a reasonable excuse for missing the deadline.