Weekly Tax Update 30 April 2019

General

• Tax update and the early May Bank Holiday
• Government calls for evidence on Social Investment Tax Relief

Private client

• FTT directs HMRC to issue partial closure notice regarding domicile
• Discovery found to be ‘stale’ in residence case
• FTT upholds surcharge on unauthorised withdrawal from a pension scheme
• FTT determines technical point on calculation of top slicing relief
• IT assessments dismissed on a sham tenancy agreement
• FTT urges HMRC to reduce a penalty imposed over a turbulent pregnancy
• FTT largely upholds ‘best judgment’ assessments made by HMRC

PAYE and employment

• Bill on NIC treatment of termination awards and sporting testimonials
• FTT limits deeming provision in an employment-related securities options case
• HMRC loses another TV personality contractor case
• Late appeal allowed for ‘ludicrous’ HMRC assessments

Business tax

• HMRC plans to amend hybrid capital instruments legislation
• Interest deductions relief denied in international corporate reorganisation

VAT

• ICAEW confirms the VAT registration process

And finally

• The world upside down

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.