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Written by Jennifer Adams for Tax Insider.  One of the most valuable of all tax reliefs is the Principal Private Residence relief (PPR) which exempts any gain made on sale of a main or principal private residence for capital gains tax (CGT) purposes. However, there are some situations in which full PPR may not be available e.g on the sale of a property that has been used as part main residence and part business or for business use for part of the time of ownership and part not. In such instances ... Continue Reading

A package of enhanced measures to deal with COVID-19 / Coronavirus was announced by Government on 17 March 2020 including the 12 month postponement of IR35 The Chancellor yesterday announced a range of further measures, in addition to those mentioned less than a week previously in his 11 March Budget Statement:  Coronavirus Business Interruption Loan Scheme will increase funding available to each business from £1.2 million to £5 million. Businesses can access the first 6 ... Continue Reading

TaxationWeb’s Lee Sharpe picks over the tax implications of the 2020 Budget. Introduction (NB Rates / Grant Figures Updated 18 March) Credit where credit’s due, Mr. Sunak did rather well to deliver in 30 days even more wide-ranging a Budget than his predecessor(s?) had been trying to get across the line since October last year. Alas, we shall never know what “Hammo” or “The Saj” had planned. While important, tax was very much subordinated on the day – on ... Continue Reading

For years, tax advisers have been questioning the point of so-called “Internal Reviews” when there is a disagreement between the taxpayer and HMRC, since they so often merely retread the initial argument. And, after more than a decade, we may now know why. Introduction Many readers who have been involved with disputes with HMRC will be familiar with the Internal Review procedure which HMRC is supposed to offer, to prevent vexatious cases being pursued to tribunal by ‘renegade’ ... Continue Reading

RSM's Sarah Halstead and Brad Ashton consider the customs implications following the UK government's Statement of Intent, and warn a hard Brexit may be on the cards. Launched in a statement to Parliament by Michael Gove last Thursday, the unilateral Statement of Intent from the UK Government, outlines the trade deal it hopes to agree with the EU in forthcoming negotiations (the EU having set out its negotiating position a few days earlier). The document includes important information which will ... Continue Reading

Peter Vaines with his monthly roundup of tax cases - including a possible non-tax wheeze for next time you come to sell your house... Personal Service Companies I hesitate even to mention it, but there is yet another case on this subject– the case of Red, White and Green Ltd v HMRC [2020] UKFTT 109 (TC). This case concerned the ITV presenter, Eamon Holmes, whose services were provided to ITV by his personal service company, Red, White & Green Limited. The judgment in this case goes ... Continue Reading

RSM's Peter Williams says HMRC is accepting VAT repayment claims following News Corp's win for digital publications but is refusing to repay until it's had a chance to appeal. **Update - The 2020 Budget on 11 March announced that digital publications would be zero-rated from 1 December 2020** Following News Corp v HMRC [2019] UKUT 0404 (TCC) late last year, in which it was held that the digital editions of The Times and other News Corp newspapers should be zero-rated, HMRC has published ... Continue Reading

RSM's Chris Etherington warns that HMRC has set up a special unit to evaluate what risk Family Investment Companies present to tax receipts. It has been revealed that a secret unit has been set up by HMRC to review the tax risks of Family Investment Companies (FICs), in particular the associated inheritance tax (IHT) implications, but should families who have established a FIC be concerned? For those unfamiliar with the concept of a FIC, it is simply a company, typically set up in the UK, which ... Continue Reading

There are two ways by which more than one person can own a property, either as: "Joint tenants" - whereby each is deemed to own an equal share (e.g. three "joint tenants" will be entitled to a third share of any income or capital gains arising from the one property). When one owner dies the property is automatically transferred to the other "joint tenants" in equal shares and none can sell their share without the others permission. The legal rights of the surviving parties to a "joint tenancy" ... Continue Reading

BKL reports on a recent VAT case that turned on whether free really means free... There is an indoor ski slope in Glasgow. There is no entry charge to the ski centre and, technically, no charge to use the ski slope. You can reach the top of the slope for free if you have the energy and the inclination to “wade through snow at a gradient of 15 degrees while carrying ski or snowboard equipment.” It’s physically tiring, but (according to the Upper Tribunal in Snow Factor Ltd v HMRC ... Continue Reading