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In Lord Howard of Henderskelfe (Deceased) v Revenue and Customs [2013] UKUT 129 (TCC) – a CGT case – the Upper Tribunal found that a painting was in fact plant used by a business. As plant, and therefore a wasting asset by virtue of TCGA 1992 s 44(1)(c), it was exempt from CGT. It may seem strange for a valuable painting to be considered a “wasting asset” but it is important to note that s 44(1)(c) deems it to be so for CGT purposes, if it is plant. This case is ... Continue Reading

Expenses may be incurred in the setting up of a letting business (for example, travel, phone, advertising, etc.) before the first rental receipt is received;  if so, deduction may be possible once the letting starts. Relief is only possible under these special rules where the expenditure: •    is incurred within a period of seven years before the date the rental business actually starts; and •    is not otherwise allowable as a deduction for tax purposes (i.e. against ... Continue Reading

LITRG welcomes the announcement of two new initiatives for helping working parents with the cost of childcare, stressing the need for them to be developed in tandem to minimise complexity. Introduction The Government has announced that, from autumn 2015, it will phase in a new scheme under which the State will contribute 20% of the yearly childcare costs incurred by parents who are eligible – up to £6,000 per child. It is also proposed from April 2016 to extend childcare support ... Continue Reading

Francesca Lagerberg, Head of Tax at leading business and financial adviser Grant Thornton UK LLP, runs through her thoughts on the Chancellor's Budget. Introduction The way that this Budget was down played in advance made you wonder if the best policy was to stay in bed throughout the speech, with the duvet firmly over your head and the radio on low. Debt in the UK was rising. Youth unemployment remained high. The economy was stagnating and the longed for 'green shoots of recovery' were stubbornly ... Continue Reading

TW Ed's summary of the 2013 Budget announcements Introduction I won’t lie, I have acquired a feeling vaguely akin to being in the ‘dry’ tent at a soiree. Of course that’s a marquee but let’s stick to just one French word per sentence. (As if that were possible in English). The music and laughter is emanating from another tent, a little further along: the topics of home buying and house building run a real risk of getting the party into full swing. As a confirmed tax ... Continue Reading

LITRG welcomes the announcement yesterday by HMRC that it is making a significant relaxation to the Real Time Information (RTI) PAYE reporting requirement for small employers for a limited period. Background From 6 April 2013, under RTI most employers will be required to report details of payments made to employees to HMRC on or before the time of the payment. The relaxation will apply to those smaller employers with fewer than 50 employees. LITRG reaction Anthony Thomas, Chairman ... Continue Reading

TW Ed is wary of the proposals to close HMRC Enquiry Centres in favour of telephone support and personal visits. TaxationWeb Newsletters Will be Returning Shortly We know that many of our readers like to read our monthly Newsletters and we should like to confirm that these will be sent out very soon; if you would like to sign up to receive a copy, then please follow this link. Enquiry Centre Closures - There's No Going Back! HM Revenue & Customs has announced that it intends ... Continue Reading

Peter Vaines of Squire Sanders considers two recent tax cases: one on how long the taxpayer has to reimburse his employer in order to avoid a taxable benefit, and the other on the deductibility of travelling expenses when one has a home office - and points out that Mallalieu v Drummond is not as straight forwards as HMRC might think. Benefits in Kind : Making Good The general principle is well known that if an employer provides a benefit to an employee, the cash equivalent of that benefit ... Continue Reading

A new, flexible support service for 1.5 million customers who need extra help with their tax affairs will be piloted by HM Revenue and Customs (HMRC) from June. The new service will provide mobile, one-to-one support in a range of convenient locations, including a person’s own home or business. It will also provide expert advisors on the phone, trained to deal with people who need extra support, to help a caller until the issue is resolved. HMRC will also make more funding and support ... Continue Reading

HM Revenue & Customs has launched a series of free online "Webinars" aimed at helping small businesses to meet their PAYE tax obligations under the new Real Time Information regime. While some online seminars are pre-recorded, others are 'live interactive sessions' in which there will be a presentation of roughly 30 minutes, followed by an interactive "Q&A" period of up to a further 30 minutes, where employers can ask questions. There are also webinars on other subjects, such as Self-Employment Construction ... Continue Reading