VATflash: HMRC lose in relation to input VAT for Single Farm Payment Entitlement
HMRC have recently lost an important case which has resulted in farming businesses that have purchased units of Single Farm Payment Entitlement, where HMRC have disallowed the input VAT claims, to now make a back claim to HMRC for the VAT plus interest.
Liberty tax scheme loses and is “third strike for taxpayer” in 2016
2016 has not started well for taxpayers who have utilised structures identified by HMRC as tax schemes and now the Liberty tax loss scheme has been found to fail for a number of different reasons.
Eclipse appeal to the Supreme Court fails
The Supreme Court today turned down the application to appeal the decision in Eclipse 35. The decision not to hear the appeal will have significant implications for those who participated in the Eclipse 35 LLP and its similar incarnations.
An update on proposed changes to the treatment of distributions in a liquidation
Further to my previous blog ‘Proposed changes to the treatment of distributions in a liquidation’, the consultation has now closed. The Government will continue with plans to amend the Transactions in Securities rules and will introduce the new Targeted Anti-Avoidance Rule (TAAR), but, to reflect some of the issues raised during the consultation period, they will amend the proposed draft legislation.
Tax card 2016/17
For a run down of the latest tax rates for 2016/17, download our handy tax card.
Budget predictions 2016 – plans to alter pension tax relief appear to be dropped
Following the consultation on pension tax relief, which was announced on 8 July last year, speculation grew significantly over major changes to be announced in this Spring’s Budget which will be given next week on 16 March.
Budget 2016 predictions from our head of VAT in London
Simon Newark, head of VAT in our London office, shares his predictions for the 2016 Budget announcement.
Budget 2016 predictions from our head of tax in London
Roy Maugham, head of tax partner in our London office, shares his predictions for the 2016 Budget announcement.
Facebook tax – how does it affect you?
On Friday, Facebook agreed to pay millions of pounds in UK tax, after agreeing to fundamental changes to its corporate structure in Europe from April 2016.
Massive increase in probate fees planned
Applications for probate in respect of estates worth more than £5,000 currently attract a modest fee. The sum payable - £215 if the application is made in person or £155 if it is made by a professional on behalf of the personal representatives – seems a fair reflection of the administration costs incurred by the Probate Registry.