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Repeal of IR35 reforms
The Chancellor announced at last week's “mini-Budget” that the recent changes to the “off-payroll” working rules (commonly referred to as 'IR35') are going to be reversed, from 6 April 2023.
Read morePurpose-based rules: Have we hit BlackRock-bottom?
In HMRC v BlackRock Holdco 5 LLC [2022] UKUT 199 (TCC), the Upper Tribunal (UT) allowed HMRC’s appeal, holding that the First-tier Tribunal (FTT) was wrong to interpose certain terms (covenants) in loans when conducting its analysis of the counter-factual transaction as between the taxpayer and an unconnected third-party. It held that the FTT was wrong to attribute all of the loan debits arising to the taxpayer's commercial main purpose and should instead have arrived at the opposite conclusion.
Read moreHMRC made to cry a river over SEIS defeat
FTT holds in favour of taxpayer in technical SEIS / EIS relief decision.
Read moreResearch and development tax relief
In this episode of Taxing Matters, we discuss the role of R&D tax relief, how to qualify for the relief, how to stay compliant, some common abuses of the system and some of the recently proposed reforms.
Read moreTribunal upholds HMRC notice transferring debt from managed service company to its former director
Tribunal upholds HMRC notice transferring a debt from a managed service company to its former director.
Read moreHMRC announces latest 'nudge' letter campaign concerning 'Persons of Significant Control' and share disposals
HMRC's Wealthy External Forum has revealed that it is sending nudge letters to people who are recorded as being 'Persons of Significant Control' in unquoted companies.
Read moreTax Bites - September 2022
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.
Read moreTaxpayer successful in application for permission to rely on expert evidence
Taxpayer successful in application for permission to rely upon expert evidence.
Read moreHMRC prepares for new 'nudge' letter campaign aimed at offshore corporates owning UK property
HMRC are targeting offshore corporates that own UK property and who may not have met all of their UK tax obligations. HMRC have confirmed that they will be launching a new campaign in September 2022.
Read moreV@ update - August 2022
Welcome to the August 2022 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.
Read moreAll settled!
Loan relationship appeal allowed as credit relating to settlement of litigation due to mis-selling of swaps did not arise from related transaction.
Read moreCustoms and excise quarterly update - August 2022
Welcome to the August 2022 edition of RPC's Customs and Excise Quarterly Update.
Read moreThe amount of tax HMRC believes High Net Worths owe on Stamp Duty jumps by a third in past year to £80m
Wealthy individuals also suspected of underpaying £48.3m in tax relating to trusts in the last year
Read morePermission to appeal not required for successful party to a tax appeal
In dismissing the taxpayer's objection, the Upper Tribunal decided that HMRC, who had won before the First-tier Tribunal need not apply for permission to appeal in order to raise two new arguments in response to the taxpayer's appeal to the Upper Tribunal.
Read moreCapital Gains and Principal Residence Relief: What Makes a House?
Allowing the taxpayers' appeals, the First-tier Tribunal held that, for the purposes of calculating entitlement to Principal Residence Relief under sections 222 and 223 of the Taxation of Chargeable Gains Act 1992, "dwelling-house" did not include the land on which the house was built, and "period of ownership" referred only to the period of ownership of the dwelling-house itself.
Read moreTax Bites - August 2022
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.
Read moreTax Bites - July 2022
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.
Read moreTribunal confirms discovery assessment was invalid as enquiry window was still open
Tribunal allows taxpayer's appeal confirming that a discovery assessment raised under section 29 Taxes Management Act 1970, was invalid as the enquiry window was still open.
Read moreHMRC investigating hundreds of UK customers of Puerto Rico-based Euro Pacific Bank
HMRC investigating hundreds of UK customers of Puerto Rico-based Euro Pacific Bank.
Read moreBusinesses face 'significant work ahead' to comply with FCA's new Consumer Duty
International law firm RPC says regulator has given companies 'little concession' on timeframe to implement change
Read moreV@ update - July 2022
Welcome to the July 2022 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.
Read moreAgent was careless notwithstanding white space disclosure
White space disclosure on tax returns not a defence against claim of carelessness, as FTT upholds discovery assessments.
Read moreFCA is 'sending clear message to firms involved in Europe's largest tax scandal' as it issues £2million fine against The TJM Partnership
International law firm RPC says repercussions from the Cum-Ex scandal, which started as long ago as 2001, continue amid warning to businesses over their compliance obligations
Read moreHMRC fails to discharge burden of proof in appeal against personal liability notices
Taxpayer win in case where MTIC fraud alleged in relation to zero-rating of supplies for VAT.
Read moreHMRC investigations into corporate tax evasion drop to lowest level in five years
• Regulator reveals there are just 7 live Corporate Criminal Offence (CCO) investigations • In 2021, there were 14 live CCO investigations • HMRC has not issued a single prosecution since CCOs were introduced in 2017 • Law firm RPC says Brexit, Covid and financial constraints have all impacted HMRC
Read moreTribunal finds taxpayer was non-UK resident despite exceeding the permitted days due to 'exceptional circumstances'
The First-tier Tribunal held that a taxpayer was non-UK resident, despite exceeding the permitted days, due to exceptional circumstances which included the moral obligation to come to the UK to care for a relative and their young children.
Read moreFollower notice penalties cancelled as failure to take 'corrective action' was reasonable in all the circumstances
Allowing an appeal by Mr Andreae, the First-tier Tribunal cancelled penalties HMRC had issued for failure to take corrective action following receipt of follower notices. It was held that this failure was reasonable in all the circumstances where Mr Andreae had relied on the advice of a scheme promotor and later sought further advice from an independent advisor.
Read moreAll 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 moreTribunal allows taxpayer's appeal as investments met the risk to capital test required for Enterprise Investment Scheme relief
Allowing an appeal by Inferno Films Ltd, the First-tier Tribunal held that the company had satisfied the risk-to-capital test in section 157A, Income Tax Act 2007, because it had objectives to grow and develop its trade in the long term. HMRC was directed to authorise the issue of compliance certificates under section 204, Income Tax Act 2007, for the purposes of Enterprise Investment Scheme relief.
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 moreWealthy taxpayers warned as HMRC clamps down on unfiled tax returns
HMRC is clamping down on wealthy taxpayers who have failed to file a tax return – just days after new data revealed a national "tax gap" of £32billion over the last year, warns international law firm RPC.
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 morePermission from the Upper Tribunal needed to argue a new point which was not before the First-tier Tribunal
UT permission required to argue a point not argued before the FTT.
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 moreAppeal against discovery assessment allowed as SATR was filed by unauthorised agent
Allowing an appeal by Mr McCumiskey, the First-tier Tribunal held that HMRC's discovery assessment was invalid on the basis that the purported tax-return had been fraudulently filed and had included an unauthorised and unsubstantiated claim for SEIS relief.
Read moreDirectors did not breach fiduciary duty in relation to insolvent company's participation in failed tax avoidance scheme
In Stephen John Hunt (Liquidator of Marylebone Warwick Balfour Management Ltd) v Richard Balfour-Lynn and others [2022] EWHC 784 (Ch), the High Court decided that the directors of a company which went into liquidation after participating in a failed tax avoidance scheme did not breach their fiduciary duties and payments made pursuant to the scheme were not transactions defrauding creditors.
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 moreCentre of vital interests tiebreaker test saves taxpayer over £10 million
High net worth individual on right side of centre of vital interests tiebreaker test.
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 moreThe Case of The Missing Crypto
What should you do if your crypto is stolen?
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 moreAccounting rules prevail following HMRC loss in the Supreme Court
Dismissing an appeal by HMRC, the Supreme Court in HMRC v NCL Investments Ltd and another [2022] UKSC 9, held that deductions for corporation tax purposes are allowable for grants of employee share options.
Read moreCorporate tax update - May 2022
Welcome to the latest edition of our Corporate Tax Update, written by members of RPC's tax team.
Read moreTax Tribunal confirms documents sought by HMRC were legally privileged
In Colin Wiseman v HMRC [2022] UKFTT 00075 (TC), the First-tier Tribunal (FTT) confirmed that certain documents which were requested by HMRC under paragraph 1, Schedule 36, Finance Act 2008, were subject to legal professional privilege (LPP) and should not be disclosed.
Read moreThe Asset Tracing Investigator: Following the money
Have you ever wondered what happens behind the scenes of an investigation?
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 moreChanges made to top slicing relief held not to apply retrospectively
Changes introduced by Finance Act 2020 to top slicing relief are not retrospective in effect.
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 moreTribunal erred in law by refusing HMRC's application to strike out taxpayer's appeal
The Upper Tribunal has held that the First-tier Tribunal erred in law by striking out HMRC's application to strike out a taxpayer's appeal of a decision by HMRC to deny Input VAT on the basis of no reasonable prospect of success.
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