Latest by Adam Craggs
All is not (necessarily) lost: Crypto crime recovery
With over 2 million people in the UK now holding and using cryptocurrency, and the Chancellor announcing that a government backed non-fungible token ("NFT") is to be issued by the Royal Mint this summer, the market for crypto-assets is expected to continue to grow in the coming months and years; so much so that legislation is planned to implement a new regulatory regime for the crypto market.
Read moreV@ update - June 2022
Welcome to the June 2022 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.
Read moreNon-compliance with CrimPR does not render otherwise timely information a nullity
The Court confirmed that, while offences must be charged within any applicable time limit for charging, the requirement that the charge must contain "such particulars of the conduct constituting the commission of the offence as to make clear what the prosecutor alleges against the defendant", in Criminal Procedure Rule (CrimPR) Rule 7.3(1)(b), did not require a statement from the prosecutor that the offence had been laid within the relevant time limit if the timing of the offence was not an element specified in the offence.
Read moreTax Tribunal cancels discovery assessments and late filing penalties
In Robert Don Hunter Dougan v HMRC [2022] UKFTT 00140 (TC), the First-tier Tribunal (FTT) cancelled certain discovery assessments issued to a taxpayer by HMRC, on the basis they were issued out of time because the taxpayer's behaviour was careless rather than deliberate, for the purposes of section 36, Taxes Management Act 1970 (TMA). The FTT also cancelled various late filing penalties and late payment surcharges issued by HMRC, on the basis the notices were not validly served on the taxpayer.
Read moreFinancial Crime Time - Your update from RPC: 2022 Q2
Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that may affect your business.
Read moreTax Bites - June 2022
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.
Read moreV@ update - May 2022
Welcome to the May 2022 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.
Read moreCustoms and excise quarterly update - May 2022
Welcome to the May 2022 edition of RPC's Customs and Excise Quarterly Update. In order to enhance your reading experience, we have adapted the format. We hope you like it
Read moreHMRC's civil and criminal powers
HMRC has been provided with extensive and wide-ranging powers, which have increased exponentially in recent years. This article considers HMRC’s main investigatory and assessment powers, by reference to its general enquiries, as well as specific/aspect enquiries, including criminal investigations.
Read moreTax Bites - May 2022
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.
Read moreV@ update - April 2022
Welcome to the April 2022 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.
Read moreTax Bites - April 2022
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.
Read moreV@ update - March 2022
Welcome to the March 2022 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.
Read moreFinancial Crime Time - Your update from RPC: 2022 Q1
Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that may affect your business.
Read moreTax Bites - March 2022
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.
Read moreV@ update - February 2022
Welcome to the February 2022 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.
Read moreCustoms and excise quarterly update - February 2022
In this update we report on (1) a new customs consultation launched by the government; (2) HMRC's updated guidance on pre-clearance checks; and (3) stage three of Brexit customs changes. We also comment on three recent cases relating to (1) HMRC's failure to issue assessment notices within the statutory timeframe for excise duty; (2) the customs classification of the Rough Terrain Vehicle X900; and (3) the customs classification of certain TV stands.
Read moreSpotlight on Private Wealth - February 2022
Welcome to Spotlight on Private Wealth. This update is designed to keep you up to speed with developments in the private wealth world. In this edition we explore everything from Royal wills to cryptocurrency.
Read moreTax Bites - February 2022
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.
Read moreV@ Update – January 2022
Welcome to the January 2022 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.
Read moreQuarterly Contentious Tax Review – Winter 2021
HMRC has extensive powers to require information and documentation from taxpayers. These powers were bolstered in the last Finance Act to include financial institution notices. Failure to comply with information notices can attract penalties. The most severe penalties are those imposed by the Upper Tribunal (UT). We examine, below, HMRC's increasing use of these powers, together with HMRC's penchant for 'nudge' letters and recent developments in the application of the transfer of assets abroad (TOAA) provisions.
Read moreFinancial Crime Time - Your update from RPC: 2021 Q4
Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that may affect your business.
Read moreTax Bites - December 2021
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world. As always, if there are any areas you would like more information on (or if you have any questions or feedback), please let us know or get in touch with your usual RPC contact.
Read moreCustoms and excise quarterly update - November 2021
In this update we report on (1) the revised timetable for border controls on imports from the EU; (2) regulations regarding the new Freeports; and (3) updates to safety and security requirements on imports and exports from the EU. We also comment on three recent cases relating to (1) time limits and procedural requirements in a customs context; (2) whether UK acquisition VAT can apply when a bonded warehouse is not located in the UK; and (3) the tariff classification of mastectomy bras.
Read moreV@ Update – November 2021
Welcome to the November 2021 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.
Read moreSpotlight on Private Wealth - November 2021
Welcome to Spotlight on Private Wealth. This update is designed to keep you up to speed with developments in the private wealth world. In this edition we explore everything from Royal wills to cryptocurrency.
Read moreHMRC issues 'nudge' letters to recipients of foreign investment income
HMRC is targeting taxpayers who received foreign investment income in 2019/20, and who, HMRC believes, claimed foreign tax credit relief incorrectly, or at the wrong rates. HMRC has issued 'nudge' letters to taxpayers encouraging them to reconsider their tax position.
Read moreTax Bites - November 2021
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.
Read moreV@ Update – October 2021
Welcome to the October 2021 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.
Read moreHMRC Target Cryptocurrency Investors
HMRC has announced it will launch a new ‘nudge letter’ campaign that will target UK taxpayers who may have failed to pay tax due in respect of their cryptoassets.
Read moreFinancial Crime Time - Your update from RPC: 2021 Q3
Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that may affect your business.
Read moreTooth and claw?: The meaning of words in tax assessments
The concept of 'staleness' in the context of discovery assessments (assessments issued to taxpayers by HMRC outside of any statutory enquiry), gathered momentum following the Upper Tribunal’s decision in Charlton and others v HMRC [2011] UKFTT 467 (TC). As 'discovery' is only relevant to returns and tax years where HMRC has not opened a statutory enquiry, many commentators considered that the concept provided a degree of procedural fairness in the discovery assessment process, and that HMRC should not be permitted to delay issuing an assessment for a considerable period of time after making a discovery. As recently as February of this year, Judge Malek in the First-tier Tribunal (FTT) in Mehrban v HMRC [2021] UKFTT 53 (TC), noted that it was an “absurdity” to say that the concept of staleness does not exist.
Read moreV@ Update – September 2021
Welcome to the September 2021 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.
Read moreHMRC issues 'nudge' letters to non-doms for suspected unpaid tax
HMRC is targeting wealthy UK tax residents claiming a non-UK domicile who may not have paid the remittance basis charge. HMRC has issued hundreds of 'nudge' letters to taxpayers encouraging them to reconsider their tax position.
Read moreEclipse film partnerships settlement opportunity announced by HMRC
HMRC announced on 6 September 2021 a settlement opportunity for current and former members of the Eclipse Film Partners (numbers 1 to 40) limited liability partnerships (the Eclipse LLPs), under which HMRC will agree not to seek to impose a 'dry tax' charge in exchange for members settling historic tax liabilities (with interest) and abandoning litigation against HMRC in relation to the Eclipse LLPs. If accepted by each taxpayer, approximately £1.6 billion of 'dry tax' will not be pursued by HMRC.
Read moreAccountants obliged to report suspected misuse of the Bounce Back Loan Scheme
The Bounce Back Loan Scheme (BBLS) was introduced to enable smaller businesses adversely affected by the coronavirus pandemic to access government-backed finance.
Read moreTax Bites - September 2021
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.
Read moreV@ Update – August 2021
Welcome to the August 2021 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.
Read moreContentious tax quarterly review
We consider the Supreme Court's decision in Tooth, concerning discovery assessments; and examine the contentious issue of when a taxpayer can rely upon a PAYE credit. We also review the increased focus by HMRC on cryptoassets and the challenges that might create for taxpayers.
Read moreCustoms and excise quarterly - August 2021
In this update we report on (1) European Commission Guidance on UK import formalities; (2) HMRC's new and updated guidance for imports and exports following the end of the Brexit transition period; and (3) HMRC's updated guidance on returned goods relief on items exported from Northern Ireland. We also comment on three recent cases relating to (1) the illegal import of cigarettes; (2) customs valuation; and (3) the application of the dishonesty test when determining penalties.
Read moreKelly – Tax tribunal confirms re-discovery not permissible for the purposes of section 29 TMA
In Sean Kelly v HMRC [2021] UKFTT 162, the First-tier Tribunal (FTT) confirmed the principle that a discovery can only be made once and HMRC cannot raise a new discovery assessment under section 29,Taxes Management Act 1970 (TMA), in respect of the same discovery.
Read moreTax Bites - August 2021
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.
Read moreV@ update - July 2021
Welcome to the July 2021 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.
Read moreSiddiqui - No proper ground for setting aside summons in private prosecution
Private prosecution not to be quashed due to failure to disclose settlement agreement.
Read moreSpotlight on private wealth - July 2021
Our quarterly update is designed to keep you up to speed with developments in the private wealth world.
Read moreFinancial Crime Time – Your Update from RPC: 2021 Q2
Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that may affect your business.
Read moreTax Bites - July 2021
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.
Read moreV@ update - June 2021
Welcome to the June 2021 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.
Read moreRediscovering ADR
Alternative Dispute Resolution (ADR), in the form of mediation, remains an important part of the tax dispute resolution process. In light of the backlog of cases caused by Covid-19, and the practice statement issued by the Tribunal last year, we expect that taxpayers and HMRC will begin to re-examine and embrace ADR which can be an effective method of resolving disputes with HMRC.
Read moreTax Bites - June 2021
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.
Read more