The Upper Tribunal (UT) confirmed that family trusts that had engaged in a tax planning arrangement known as the 'round the world' scheme were not based in Mauritius at the time of a disposal for Capital Gains Tax (CGT) purposes and the gains were properly taxable in the UK, the actual Place Of Effective Management (the 'POEM').
SME Tax News
The government has published draft legislation which will establish the Independent Football Regulator; make provision for the licensing of football clubs; make provision about the the distribution of revenue received by organisers of football competitions; and for connected purposes.
Only one day after announcing a restriction to its VAT, Self Assessment and PAYE helplines, HMRC has had a change of heart.
Employers, Shareholders in Owner-Managed Businesses (OMBs) and Self-Employed individuals will be required to disclose a range of new information to HMRC from 6 April 2025.
Footballer Baye Oumar Niasse's appeal for a deduction of fees paid to his agent failed at the First Tier Tribunal (FTT). The fees were not deductible under the general employee expense rule nor the special rules for entertainers.
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Employers may appreciate changes as to how advance payments on salaries and wages will be treated from 6 April 2024 under Real-Time Information Reporting (RTI). New rules simplify payroll reporting.
Further to last week's Spring Budget 2024, the government will provide updates on and publish the details of further tax measures on 18 April 2024 during 'Tax Administration and Maintenance Day'. It assures us that 'None of these announcements will require legislation in Spring Finance Bill 2024 or have an impact on the government’s finances at this stage.'
The reporting requirements for employers providing salary advances to employees will change from 6 April 2024.
A claim under the Self-Employment Income Support Scheme (SEISS) was denied by the First Tier Tribunal (FTT). Despite receiving invitations to apply for SEISS from HMRC, the taxpayer was never entitled to claim under the scheme.
In a case with a twist, HMRC used their Schedule 36 Information Powers to request the relevant data of an opaque offshore entity. This sort of request should become less frequent since the UK introduced a Register of Overseas Entities.
