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Tax Take

Blog

Tribunal allows taxpayers' appeal in foreign exchange losses case

Published on 16 March 2017. By Alexis Armitage, Associate

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In Smith and Nephew Overseas Limited and others v HMRC [2017] UKFTT 151, the First-tier Tribunal (FTT) allowed appeals against HMRC's disallowance of foreign exchange losses incurred as a result of a change in functional currency following a company reorganisation.

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Blog

Ridgecrest – Tribunal allows appeal against Regulation 80 determinations

Published on 08 March 2017. By Adam Craggs, Partner

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In Ridgecrest Cleaning Services Pendergate Ltd v HMRC [2016] UKFTT 778 (TC), the First-tier Tribunal (FTT) allowed an appeal against determinations of underpaid tax made under Regulation 80 of the Income Tax (PAYE) Regulations 2003 (the PAYE Regulations), as HMRC had not obtained the necessary statutory consent from the Appellant to notify it of changes to employee PAYE codes electronically.

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Blog

HMRC's failure to exercise its discretion unreasonable

Published on 03 March 2017. By Michelle Sloane, Senior Associate

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In G B Housley Limited v HMRC [2016] EWCA Civ 1299, the Court of Appeal allowed the Appellant's appeal and restored the decision of the First-tier Tribunal (FTT) which had discharged HMRC's VAT assessment on the basis HMRC had failed to correctly exercise its discretion.

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Publication

Tax update, March 2017

Published on 01 March 2017. By Adam Craggs, Partner

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In this month’s update we report on HMRC’s Spotlight 36 which has been issued in respect of planning designed to circumvent the loan taxation rules in Part 7A ITEPA; new draft legislation in relation to the taxation of non-domiciled individuals and a recent report by the Public Accounts Committee on the taxation of high net worth individuals.

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Publication

VAT update, February 2017

Published on 22 February 2017. By Adam Craggs, Partner

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In this month’s update we report on HMRC’s withdrawal of three VAT extra-statutory concessions, the National Audit Offce’s investigation into VAT evasion by overseas online retailers and HMRC’s responses to the various “Making Tax Digital” consultations.

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Blog

Timing and detail critical in misfeasance claims against HMRC

Published on 22 February 2017. By Robert Waterson, Legal Director

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The claimant taxpayer, who had been wrongly convicted for cheating the public revenue, had his claim of misfeasance in public office against HMRC struck out by the High Court because it was brought too late and he had failed adequately to plead his case.

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Publication

Wealth and trusts quarterly digest, February 2017

Published on 16 February 2017. By Adam Craggs, Partner

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The digest provides up to date commentary and analysis on key sector developments. Our tax, wealth and trusts teams are able to provide a wide ranging service to assist you and your clients in responding to market trends and legal developments. We would welcome the opportunity to discuss any concerns you may have and always welcome feedback on the content of our publications.

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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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