In an unusual case, two individuals found themselves subject to an assessment for Capital Gains Tax (CGT) in respect of an option granted but never exercised. They escaped a tax charge because on analysis of the agreements for the future purchase of property, the FTT found that they were just agreements and no option had been granted.
In Flame Tree Publishing Limited v HMRC [2024] TC09149, a Research and Development (R&D) claim was made in respect of several projects to make books in the company's digital archive available in the marketplace as curated and searchable resources.
A publishing company's Research & Development (R&D) claim was rejected by the First Tier Tribunal (FTT). The company was unable to demonstrate that its projects made any advance in science or technology, nor could it evidence how the expenditure claimed was directly related to the projects that it did carry out.
Missed our SME Tax Web-updates in April? Here is a summary of the month.
An unusual claim for Stamp Duty Land Tax (SDLT) Multiple Dwelling Relief focused on a curious aspect of the rules: could a garage in the process of being constructed or adapted at completion qualify as a separate dwelling?
The Welsh government has announced that the Food and Drink Festivals and Events Fund 2024 is now open for applicants. The small grant scheme aims to support festivals and events that enhance the Welsh food and drink industry. Successful applicants could secure funding of up to £15,000.
Some self-employed taxpayers who made voluntary class 2 National Insurance Contributions (NICs) for 2022/23 have received an unexpected refund from HMRC: this may have been an error.
A loan made to a taxpayer by his pension scheme produced an unexpected unauthorised payment charge together with an unauthorised payment surcharge as the pension scheme member had received a benefit before his normal retirement age.
HMRC have cautioned that Form 484 has been used to fraudulently access VAT repayments.
On 29 April 2024, HMRC introduced a new digital service, enabling taxpayers to conveniently check their State Pension forecast and make voluntary contributions to address gaps in their National Insurance (NI) record.
