RPC Tax Take
For tax professionals on the move
Entrepreneurs' relief not available for disposal of syndicate capacity by a Lloyd's name
In Carver v HMRC  UKFTT 0168 (TC), the First-tier Tribunal (FTT), has provided helpful guidance on the key requirements of entrepreneurs' relief (ER), under section 169H, Taxation of Chargeable Gains Act 1992 (TCGA).
Mr Carver (the Appellant) is an underwriter at Lloyd's (a Lloyd'...
Late appeals: Tribunal confirms the correct approach to procedural errors in Citipost Mail v HMRC
The approach to procedural errors, such as the late filing of appeals and non-compliance with directions, has been the subject of a number of decisions over the past 18 months. The various judicial interpretations, in particular, in Denton v White and Data Select v HMRC, have resulted in a per...
Taxpayer not careless in share options case
In Alistair Norman v HMRC1, the First-tier Tribunal ("FTT") found that a taxpayer who wrongly recorded gains made after exercising a share option granted by his employer as capital, rather than income, was not "careless" for the purposes of paragraph 1(1), Schedule 24, Finance Act 2007. As the taxpa...
Upper Tribunal considers whether alternative arguments from HMRC require permission to appeal
An interesting procedural issue was recently considered by the Upper Tribunal ("UT") in Steven Price, John Myers and James Lucas v HMRC. The UT had to consider the distinction between affirmation of a decision of the First-tier Tribunal ("FTT") on different grounds to those relied upon by the FTT...
Upper Tribunal confirms the FTT's decision to strike out HMRC's evidence
In HMRC v Infinity Distribution Limited (in Administration), the Upper Tribunal has dismissed HMRC's appeal against that part of the decision of the First-tier Tribunal ("FTT") striking out evidence which HMRC was seeking to introduce.
Paragraph 39 of HMRC's Statement of Case ...
Excuses, excuses – Tribunal considers 'reasonable excuse' and allows taxpayer appeal
In Barking Brickwork Contractors Limited v HMRC, the First-tier Tribunal ("FTT") decided that a taxpayer had a reasonable excuse for late filing and set aside the penalties which had been charged by HMRC pursuant to Schedule 55, Finance Act 2009.
Mr Burling is the sole director of...
About this blog
Albert Einstein once remarked, on trying to complete his tax return: "This is too difficult for a mathematician. It takes a philosopher!". As tax practitioners are only too well aware, tax legislation continues to increase in length and complexity with the passing of each Finance Act. There is also a steady stream of new case law. Our hope is that, against this background, RPC Tax Take will be a useful source of current information and comment to busy practitioners. It features regular postings on the latest news and developments in UK tax law, together with a number of practical Practice Notes written by specialist lawyers at RPC.
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