Weekly tax update 11 September 2018

General

• Tax reforms instead of tax rises to meet Government revenue shortfall
• OECD: Corporate Tax rate reform is a ‘race to the average’
• Public Accounts Committee hearing on HMRCs performance
• Tax bodies comment on draft penalties legislation

Private client

• Sideways loss relief allowed for an unprofitable farming business
• Class 2 NICS to stay
• ICAEW comments on draft Finance Bill – Changes to Entrepreneurs’ Relief
• FTT finds CGT payable and taxpayer’s actions deliberate
• Non-resident CGT and payments on account – comments on draft legislation

PAYE and employment

• HMRC updates the Save As You Earn prospectus
• ICAEW comments on draft Finance Bill – Optional remuneration arrangements
• FTT finds that ‘National Group’ football referees are self-employed

Business tax

• ICAEW comments on draft Finance Bill – Avoidance involving profit fragmentation
• FTT finds costs of clothing and beauty treatments to be allowable trading expenses

VAT

• Normal tax point rules apply to Tour Operator Margin Scheme services
• Input tax deduction relating to sale of subsidiaries by a holding company

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.