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The Autumn Budget changes to Capital Taxes herald a 'golden age' for Private Client tax specialists and even led to James Murray MP, Exchequer Secretary to the Treasury, making an appearance on BBC's Newsnight where he clearly recommended that those impacted by the tax changes should consult the services of a tax adviser. Hopefully, we can help out there!
HMRC has launched a new consultation 'The Tax Administration Framework Review: New ways to tackle non-compliance'. This invites views on whether HMRC’s approach to correcting taxpayer inaccuracies in a claim or return could be improved.
In Darren Wragg v HMRC [2024] TC09350, the First Tier Tribunal (FTT) found that a lack of funds owing to the terms of an asset sale agreement did not amount to a reasonable excuse for the late payment of Capital Gains Tax (CGT).
Following the Bank of England’s announcement on 7 November 2024 that the base rate would decrease to 4.75%, HMRC's interest rates are also decreasing by 0.25%, to 7.25% for late payment interest and 3.75% for repayment interest, from 26 November 2024.
HMRC have asked that requests for overlap information be submitted by 31 December 2024, to help them manage the volume of requests ahead of the 2023-24 submission deadline on 31 January 2025.
In the Autumn Budget, the Government announced that a second independent review of the loan charge legislation had been commissioned. We look at the current situation for those who have remaining liabilities. Many MPs and tax professionals raised concerns after it became apparent that the first review had not been carried out independently.
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Now that the 'Self Assessment season' is fully underway, this week we have a broad range of updates, new guides and checklists that will support you. We also continue our review of Budget Announcements and the new Finance Bill has been published.
HMRC have published the outcome of their call for evidence ‘The Tax Administration Framework Review: enquiry and assessment powers, penalties, safeguards’. This explored wide-ranging possibilities for reform, and further consultation will now follow.
HM Treasury has published a response and delivery report following its 2023 consultation 'Help to Save Reform'. Several changes have been announced, including widening the scheme's eligibility criteria, paying bonuses more frequently and changing the bonus calculation method.
In Equity Advisory Ltd & Craig Allan Mellor v HMRC [2024] TC09334, the First Tier Tribunal (FTT) found that 'a capital sum' declared as compensation was a payment of earnings and was not capital after all. It was liable to Income Tax and National Insurance Contributions (NICs).
