In Gary Ives v HMRC [2023] TC08989, the First Tier Tribunal (FTT) found that the appellant was not carrying on a trade by renovating and selling three successive properties. These were family homes subject to Capital Gains Tax (CGT) and, as such, Private Residence Relief (PRR) applied.
SME Tax News
In Access Contracting Services Ltd v HMRC [2023] TC08994, the First Tier Tribunal (FTT) found that a company had not taken reasonable care to comply with the Construction Industry Scheme (CIS) regulations. The FTT upheld HMRC’s assessment of CIS under-deducted from subcontractors.
HMRC have issued their Agent Update for November 2023. We have summarised the key content for you with links to our detailed guidance on the topics covered.
Hello,
We have another interesting selection of news, guides, and cases for you this week.
HMRC will commence a further One-to-Many letter campaign this month, targeted at taxpayers who incorporated their property business in 2017-18 and applied Incorporation Relief on the transfer, for Capital Gains Tax (CGT) purposes.
In Mark Alan Smith & Robert Andrew Corbett v HMRC [2023] TC8977, the First Tier Tribunal (FTT) found that a company did not own the goodwill associated with the business it carried on. HMRC's Income Tax assessment on the purported distribution of the goodwill, by the company, failed. The goodwill was not the company's asset to distribute.
The Welsh Parliament has announced that its outline and detailed draft budget will be published on Tuesday 19 December 2023. This will set out the tax, spending, and financing plans for Wales for 2024-25.
In James Fera v HMRC [2023] TC08986, the First Tier Tribunal (FTT) found that High-Income Child Benefit Charge (HICBC) discovery assessments raised by HMRC were retrospectively protected under Finance Act 2022. The assessments were not valid and the appeal was allowed.
HMRC have published their latest One-to-Many letters campaign, this time focusing on the use of 'hybrid structures' by some landlords, involving an LLP. This planning was recently featured in HMRC's 'Spotlight 63'.
The UK, along with 48 other countries, have agreed to the 'Crypto-Asset Reporting Framework' to help combat criminals using cryptoassets to evade and avoid billions in missing tax.