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RSM UK's George Bull considers how HMRC is developing an appetite for retrospective taxation. Background The UK has been paying taxes since well before electrically powered computers arrived on the scene. Come to think of it, the UK has been paying taxes since way before electricity was discovered.  A legacy of this is that much of the legislation relating to the management of our tax system goes back to 1970. As a result, many important pieces of tax legislation are framed in terms requiring ... Continue Reading

In September the Government commissioned Sir Amyas Morse to carry out an independent review of the controversial “Disguised Remuneration Loan Charge”, having regard in particular to its appropriateness and fairness: much of the criticism has revolved around its perceived retrospectivity. We shall have to bate our breath a little longer: because of the General Election it has been agreed that the report will now be submitted to the new Government on its formation. So we probably won’t ... Continue Reading

The ideal in inheritance tax (IHT) lifetime planning would be for the owner of a main residence to gift the property to another such that the property does not form part of the donors estate but at the same time allowing the donor to remain living in that property.   Unfortunately, the ‘Gift With Reservation Of Benefit’ (GWRB) rules come into play in such an instance. These provisions are designed to catch individuals who aim to reduce their exposure to IHT by making ... Continue Reading

HMRC's overbearing predilection for treating taxpayer mistakes as deliberate is common knowledge amongst the profession. Tony Monger, Director of Tax Investigations at Mazars, explains why, in the context of a recent case that should never have needed to go to tribunal, and asks if the so-called Independent Internal Review really serves a worthwhile role for the taxpayer. Introduction Our firm recently won a case at the Tribunal or, to use the more formal language of the Courts, the Tribunal ... Continue Reading

Trusts are created for a number of reasons but with reference to property that reason is invariably for protection.   The beneficiary may become unable to manage the property themselves or become mentally incapable of doing so or be a minor(i.e. a child under the age of eighteen years) who is unable, as yet, to take on responsibility for the property themselves;the donor may wish for the property to remain within the family which might not necessarily be the case should the beneficiary ... Continue Reading

Iain Rankin looks at a question sometimes asked by company owners. Many employers offer salary sacrifice arrangements, where an employee salary is reduced in exchange for a benefit. Generally, employees are given a range of different benefit options to pick. These arrangements are a great means of providing incentives to staff and/or keeping them on board for the long run, however the employer also benefits from the NIC and tax savings. In 2017, changes to the ‘salary sacrifice’ rules ... Continue Reading

Does a break in activity mean a trade has ceased? BKL's David Whiscombe looks at the recent Potter case involving Entrepreneurs' Relief. Entrepreneurs’ Relief (“ER”) is a prize worth fighting for, reducing as it does the rate of CGT to 10% on up to £10m of capital gain. The recent First-tier Tribunal case of Potter [2019] UKFTT 554 (TC) raises two points of great practical interest on ER: When does a diminution or temporary suspension of trading activities fall to ... Continue Reading

RSM UK's Andy Ilsley warns that UK businesses currently using the VAT MOSS will have to switch to the non-EU alternative - and that there is no de minimis registration threshold for the alternative regime.   The EU VAT Mini One Stop Shop or VAT MOSS is the system for the collection and transmitting of VAT for telecommunications, broadcasting and electronic services (TBE services) supplied to final consumers across the 28 EU countries.    The European Commission has recently ... Continue Reading

Peter Vaines comments on the notorious Employee Benefit Trust "Loan Charge", and two important cases for Entrepreneurs' Relief and Personal Service Companies, aka IR35 and the Intermediaries Legislation. EBT Loan Charge The Prime Minister recently announced that a thorough review would be made of the situation relating to the EBT loan charge which came into force on 6th April 2019. This was swiftly followed by a statement by the Chancellor of the Exchequer that he has commissioned an independent ... Continue Reading

The ICPA’s Tony Margaritelli comments on the rising tide of compliance for practitioners. I am really pleased to have secured a super 25% discount against the cost of iCaaS GDPR management system. It means that, for £7.50 per month, a practice can be fully GDPR compliant by following the system and keeping up to date. I know that in the time since its inception GDPR has not been headline news but the false war is, I feel, now over and the regulators will be looking at ensuring compliance. I ... Continue Reading