James Hardaker and Daniel Baker look at a case which demonstrates the difficulties trustees face when dealing with tax on royalties ‘Where trustees receive income which is to be accumulated or which is payable at the discretion of the trustees or any person, that income is taxable at the special trust rate or at the …
Continue reading "Tax: Practically perfect in every way?"
This post is only available to members.
Sarah Saunders considers where the powers of HMRC could lead ‘HMRC are introducing intelligent technology, including the Connect system, to spot suspected tax evaders… This will be very effective if they are trained to understand that this kind of technology can only throw up probabilities, not guaranteed answers.’ It was a bright cold day in …
Continue reading "Tax: Big Brother is watching you?"
This post is only available to members.
The scope of the retainer is in question in Mehjoo v Harben Barker. Kate Rees-Doherty explores the implications ‘This case serves as an important reminder for us all of the need not only to couch our retainer/engagement letters in appropriate terms but also to consider whether there are any specific issues on which we are …
Continue reading "Tax: City limits"
This post is only available to members.
Tim Adams and Nicole Booth explain recent tax cases and the consequences for the taxpayer ‘Given the current climate and HMRC’s determination to clamp down on marketed tax avoidance schemes, taxpayers looking to use a tax avoidance scheme will need to exercise extreme caution.’ The decision in Litman & Newall v HMRC [2013] represents another …
Continue reading "Tax: Take a reality check"
This post is only available to members.
The government’s attempt to stamp out intermediary arrangements to facilitate false self-employment could affect a wide range of legitimate business models, warns James Warren ‘There is undoubtedly a requirement for further review and broader reform of the various tests used to determine employment.’ Determining the employment status of individuals who hold themselves out as self-employed …
Continue reading "Tax: True or false – the new regime for self-employment"
This post is only available to members.
The grant of a lease may now be the ‘transfer of a business as a going concern’ for VAT purposes. Jessica Ganagasegaran reports ‘HMRC now accepts that if the transferor of a property letting business retains a small reversionary interest in the property transferred, this will not prevent a TOGC.’ Following the taxpayer’s successful appeal …
Continue reading "Tax: Taxpayer wins right to reclaim overpaid SDLT"
This post is only available to members.
Neasa Coen explains the impact of a new definition of charity on tax reliefs To mitigate the damage done by the unfit manager the charity can move that person into a role where they will not have the same financial influence. The Finance Act 2010 saw the introduction of a new definition of ‘charity’ for …
Continue reading "Tax: Aiding cross-border giving"
This post is only available to members.
Wills & Trusts Law Reports | January/February 2013 #126The defendant (Teathers) promoted a series of unregulated collective investment schemes intended to take advantage of tax reliefs available on investments in TV productions. UK tax payers were entitled to write down 100% of any expenditure on a film or TV production certified as a British Qualifying Film. The schemes had not proved successful. Many of the productions were commercial failures and a number of them had not been certified as British Qualifying Films and were illegible for the tax relief that was the rationale behind the schemes. The claimants argued that money invested in th...
Harriet Atkinson examines HMRC’s new guide to capital taxation and the national heritage ‘Those closely involved with national heritage property will also be encouraged by the memorandum’s early statement that the government recognises the importance of national heritage and intends to continue with a policy of encouraging its preservation for the public in private ownership.’On …
Continue reading "Tax: Preservation for the public"
This post is only available to members.
Marilyn McKeever assesses whether a new relief introduced in the Finance Act 2012 will encourage trustees to invest in the UK ‘In these straightened times, one of the government’s principal concerns is to encourage inward investment as a means to economic growth.’ Marcus is feeling got at. He is a non-dom and was a banker …
Continue reading "Tax: Open for business"
This post is only available to members.
