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Tax Take

Publication

Customs and excise quarterly update, February 2017

Published on 16 February 2017. By Adam Craggs, Partner

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In this quarterly update we report on new customs examination powers which allow HMRC to examine goods away from ports, airports and other approved places under customs control after clearance, the Government’s response to its consultation on a new due diligence scheme for UK fulfilment houses handling goods imported from outside the EU and HMRC’s new raw tobacco approval scheme.

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Blog

Upper Tribunal confirms transfer of pension fund is not a transfer of value for IHT purposes

Published on 15 February 2017. By Constantine Christofi, Associate

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In HMRC v Parry & Others [2017] UKUT 4 (TCC), the Upper Tribunal (UT) held that a transfer of funds from a registered pension scheme to a personal pension plan made by the deceased shortly before her death was not a 'transfer of value' for the purposes of section 3, Inheritance Tax Act 1984 (IHTA). Similarly, the deceased's omission to exercise her right to take lifetime benefits from the personal pension plan was not a transfer of value.

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Blog

VAT recovery on management buyout fees

Published on 07 February 2017. By Michelle Sloane, Senior Associate

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In Heating Plumbing Supplies Limited [2016] UKFTT 753, the First-tier Tribunal (FTT) allowed a VAT group's appeal against HMRC's denial of input tax recovery on advisory fees incurred in a management buyout.

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Publication

Tax update, February 2017

Published on 01 February 2017. By Adam Craggs, Partner

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Non-domiciled tax reforms. Disguised remuneration. HMRC's proposals surrounding offshore structures.

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Blog

Tribunal allows tax deduction for motor racing sponsorship payments

Published on 01 February 2017. By Alexis Armitage, Associate

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In The Crown and Cushion Hotel (Chipping Norton) Ltd v HMRC [2016] UKFTT 765 (TC), the First-tier Tribunal (FTT) allowed the appeal of the appellant company against HMRC's disallowance of expenditure it had incurred in sponsoring a racing driver who was the daughter of its sole director. The FTT concluded that the payments were made "wholly and exclusively" for the purposes of the company's trade as required by section 54, Corporation Tax Act 2009 (CTA).

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Publication

Corporate tax update, final quarter 2016

Published on 30 January 2017. By David Gubbay, Partner

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Welcome to the latest edition of our corporate tax update, written by members of RPC’s tax team and published quarterly. In this final 2016 edition we highlight some of the key tax developments of interest to UK corporates from the final quarter of 2016.

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Publication

VAT update, January 2017

Published on 26 January 2017. By Adam Craggs, Partner

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In this month’s update we report on new penalty legislation which the government intends to introduce for businesses participating in VAT fraud, HMRC’s consultation on VAT grouping and proposed new legislation to tackle the exploitation of VAT relief on adapted cars for wheelchair users.

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Blog

Tribunal allows taxpayer's appeal against discovery assessment

Published on 24 January 2017. By Nicole Kostic, Senior Associate

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In Paul Munford v HMRC [2017] UKFTT 019 (TC), the First-tier Tribunal (FTT) considered the validity of a discovery assessment which had been issued by HMRC pursuant to section 29, Taxes Management Act 1970 (TMA) and allowed the taxpayer's appeal on the basis that HMRC had not discharged the burden of proving, for the purposes of section 36(1A), TMA, that the taxpayer had deliberately brought about a loss of capital gains tax.

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Blog

Tribunal refuses to allow HMRC to rely upon section 114 TMA to cure its mistakes

Published on 18 January 2017. By Michelle Sloane, Senior Associate

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In Chartridge Developments Limited v Revenue and Customs Commissioners [2016] UKFTT 766, the First-tier Tribunal (FTT) allowed (in part) the taxpayer's appeal against penalties imposed for late filing of annual tax on enveloped dwellings (ATED) returns under section 161(3), Finance Act 2013, and refused to allow HMRC to rely upon section 114 Taxes Management Act 1970 (TMA).

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Blog

Tribunal finds for the taxpayer in "income" versus "capital" payment dispute

Published on 11 January 2017. By Robert Waterson, Legal Director

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In James Allan Thornton v HMRC [2016] UKFTT 767 (TC), the First-tier Tribunal (FTT) considered the distinction between income and capital payments in the context of a settlement relating to rental property and held that a settlement payment made to a landlord as compensation for dilapidations to his property was a capital receipt.

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