Weekly tax update 11 April 2018

In this week's tax update:

General

• Growing challenges facing HMRC – response to PAC report
• First virtual tax court case heard
• Public register of beneficial ownership of foreign entities owning UK property
• Treasury Committee launches three reviews into the tax system
• GAAR and STAR
• Making Tax Digital – Smith & Williamson briefing note

Private client

• Funds in an oversubscription for shares not available for CGT loss relief
• Penalty vacated for lack of evidence

Trust, estates and IHT

• Trusts and estates newsletter
• Hope value must be taken into account in IHT valuation
• Rental payment is liability for business property relief
• HMRC publish Disclosure of Tax Avoidance Schemes (DOTAS) IHT scheme guidance

PAYE and employment

• HMRC issues warning on loss of EMI share schemes relief from 7 April 2018
• GAAR Advisory Panel ruling on EFRBS tripartite structure

Business tax

• Multilateral BEPS Convention
• Attribution of profits to permanent establishments
• Order to implement the BEPS Multilateral Convention in the UK

VAT

• VAT recovery of input tax in relation to fund management charges

DISCLAIMER
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.