Weekly Tax Update 14 May 2019

General

• Crown Dependencies update guidance on new tax residency rules
• HMRC to delete voice ID records for 5 million taxpayers
• HMRC report on the drivers of tax compliance among the wealthy

Private client

• Loss relief carry forward disallowed for member claiming as sole trader
• FTT examines definition of ordinary shares for Entrepreneurs’ Relief (ER)
• Court of Appeal lays down principles for follower notices
• FTT cancels return issued due to PAYE underpayment
• Penalty for deliberate withholding of information upheld
• Failure to take corrective action on receipt of a follower notice was reasonable.

Business tax

• FTT rules on SDLT anti-avoidance provisions
• FTT clarifies the operation of Industrial Buildings Allowances (IBAs)
• UT overturns FTT decision on just and reasonable profit apportionment
• FTT rules that a property development did not amount to a trade
• FTT finds unreasonable actions did not taint earlier actions

VAT

• ATT warns over MTD penalties for early adopters
• Appeal allowed in part on zero rated approved alterations to a listed building

Tax publications and webinars

• Briefing Notes published

And finally

• Aye, right!

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.