Weekly Tax Update 19 March 2019

General

• Spring Statement 2019
• Tax avoidance policy papers published by HMRC

Private client

• Appeal allowed in part for tax avoidance lead case on gilt strip loss scheme
• UT overturns FTT decision on carelessness in Private Residence Relief case
• Taxpayer could not reduce penalties by filing a late electronic return

PAYE and employment

• FTT clarifies the meaning of ‘tax advantage’ when granting a DOTAS order
• Spotlight 49 – Schemes claiming to avoid the loan charge

Business tax

• SC upholds decision that statutory interest is yearly interest
• FTT upholds discovery assessment but allows interest expenses
• Draft legislation for the Structures and Buildings Allowance
• Changes to Quarterly Instalment Payments regime from 1 April 2019

VAT

• Chancellor confirms ‘light touch’ to Making Tax Digital penalties

And finally

• Unintended Consequences

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.