The government have published a consultation on employee termination payments: Simplification of the Tax and National Insurance Treatment of Termination Payments. It follows a review by the Office of Tax Simplification (OTS).
SME Tax News
In Malcolm Scott v HMRC (2015) TC04455 the FTT considered whether gifts of paintings by parents which then remained in their home were effective for Inheritance Tax (IHT) purposes.
In R Ames v HMRC [2015] TC04523, an Enterprise Investment Scheme (EIS) investor failed to secure Capital Gains Tax (CGT) relief. He had failed to make an Income Tax relief claim, having no taxable income in the year in which he had made his investment.
In J Clark v CRC (2015) TC04509, the First Tier Tribunal allowed an appeal against HMRC’s refusal to grant Special relief to a tax payer in relation to years where he had not submitted returns: it would unconscionable to collect the tax due.
In Monitor Audio Limited v HMRC (2015) TC04541, the tribunal considered whether for purposes of the Research and Development (R&D) relief SME tests, whether a “partner enterprise” was an institutional investor.
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Intermediaries Legislation (IR35): discussion document; HMRC are openning a discussion in order to consider how the intermediaries legislation "IR35" can be improved.
A number of changes were implemented in 2015/16 to National Insurance Constributions (NICs), with more coming next year. A short summary of each of these is provided below.
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HMRC have made another announcement about the Employment Related Securities (ERS) Online service, as follows: