Inheritance tax and the acceptance in lieu scheme – Mills & Reeve

Posted January 24th, 2024 in chambers articles, HM Revenue & Customs, inheritance tax, news, taxation by sally

‘A 500-year-old miniature Italian Renaissance bronze was recently donated to the Fitzwilliam Museum in Cambridge under the acceptance in lieu scheme – saving the family £10.5 million in inheritance tax. This unique donation is an excellent reminder of HMRC’s acceptance in lieu scheme and how beneficial it can be in inheritance tax mitigation.’

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Mills & Reeve, 24th January 2024

Source: www.mills-reeve.com

HMRC has not charged a single company over tax evasion under landmark legislation – The Guardian

Posted January 22nd, 2024 in corporation tax, enforcement, HM Revenue & Customs, news, tax evasion, taxation by tracey

‘HMRC has not charged a single company under landmark legislation passed six years ago to crack down on corporate tax evasion.’

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The Guardian, 20th January 2024

Source: www.theguardian.com

Woman who used nine ‘fabricated’ AI cases in court loses appeal – The Indepdendent

‘A woman who used nine “fabricated” ChatGPT cases to appeal against a penalty for capital gains tax has had her case rejected by a court.’

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The Independent, 14th December 2023

Source: www.independent.co.uk

Litigant unwittingly put fake cases generated by AI before tribunal – Legal Futures

‘Nine authorities put before the First-tier Tribunal (FTT) by a litigant in person challenging a penalty from HM Revenue & Customs (HMRC) were fakes generated by an artificial intelligence (AI) system like ChatGPT, a judge has ruled.’

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Legal Futures, 7th December 2023

Source: www.legalfutures.co.uk

Court of Appeal backs taxpayer in share exchange anti-avoidance case – OUT-LAW.com

Posted November 10th, 2023 in appeals, HM Revenue & Customs, news, tax avoidance, taxation by tracey

‘The Court of Appeal in England has backed a taxpayer over its restructuring of a corporate transaction to facilitate tax savings on a share exchange scheme, confirming the earlier decisions of the tax tribunals.’

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OUT-LAW.com, 10th November 2023

Source: www.pinsentmasons.com

UK Mandatory Disclosure Rules (MDR) for cross-border tax avoidance arrangements – OUT-LAW.com

Posted October 16th, 2023 in brexit, disclosure, HM Revenue & Customs, news, tax avoidance, taxation, time limits by tracey

‘New UK rules requiring disclosure of cross-border tax avoidance arrangements have been introduced to replace DAC6, the EU’s mandatory disclosure regime. Under the new Mandatory Disclosure Rules (MDR), disclosure has been extended to include arrangements wholly outside the UK/EU.’

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OUT-LAW.com, 13th October 2023

Source: www.pinsentmasons.com

Court of Appeal: ongoing judicial review can be ‘reasonable excuse’ for late tax payment – OUT-LAW.com

Posted August 2nd, 2023 in appeals, delay, HM Revenue & Customs, judicial review, news, tax avoidance, taxation by sally

‘The existence of judicial review (JR) proceedings can, in the right circumstances, be a reasonable excuse for non-payment or late payment of UK tax, the Court of Appeal has confirmed.’

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OUT-LAW, 1st August 2023

Source: www.pinsentmasons.com

HMRC barred from proceedings for failing to meet disclosure obligations – OUT-LAW.com

Posted July 27th, 2023 in disclosure, fraud, HM Revenue & Customs, news, tax evasion, tribunals, VAT by sally

‘The First-tier Tax Tribunal has barred HM Revenue & Customs from taking any further part in proceedings against a taxpayer, Ebuyer (UK) Limited (Ebuyer), because of its failures to comply with directions – an “unless order” – issued by the tribunal.’

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OUT-LAW.com, 25th July 2023

Source: www.pinsentmasons.com

Ad watchdog takes action against tax repayment agents – The Independent

Posted May 31st, 2023 in advertising, HM Revenue & Customs, news, ombudsmen, taxation by sally

‘Ads for three tax agents have been banned for exaggerating refunds, being unclear about fees and failing to mention that clients were signing over rights to a cut of potential repayments from previous years.’

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The Independent, 30th May 2023

Source: www.independent.co.uk

High Court clarifies effect of change of law during ongoing group litigation orders – OUT-LAW.com

Posted May 17th, 2023 in class actions, HM Revenue & Customs, news, taxation, time limits by sally

‘A new ruling by the High Court in London has made clear that, in some circumstances, decisions in a test case might not apply to all claimants in a group litigation order (GLO).’

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OUT-LAW.com, 16th May 2023

Source: www.pinsentmasons.com

Case Comment: Moulsdale t/a Moulsdale Properties v Commissioners for His Majesty’s Revenue and Customs – UKSC Blog

Posted April 19th, 2023 in appeals, HM Revenue & Customs, news, Supreme Court, tax avoidance, taxation, VAT by sally

‘In this post, Jack Prytherch, Of Counsel in the Tax team at CMS, comments on the Supreme Court’s decision in Moulsdale t/a Moulsdale Properties v Commissioners for His Majesty’s Revenue and Customs [2023] UKSC 12, which was handed down on 22 March 2023. The issue before the Supreme Court was broadly whether a sale of property by the appellant (“Moulsdale”) should be treated as exempt from VAT under the Value Added Tax Act 1994 (“VATA”), Sch 10.’

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UKSC Blog, 19th April 2023

Source: ukscblog.com

Steven Gee KC – British Tax Review – R. (on the application of Cobalt Data Centre 2 LLP) v HMRC: a Cobalt white elephant – Monckton Chambers

‘Section 298(1) of the Capital Allowances Act 2001 (CAA 2001) offered taxpayers Enterprise Zone allowances (EZAs) as an inducement to taking on the financial risks of newbuild industrial developments in disadvantaged areas, without a tenant. It extended their availability for a further 10 years after expiry of the 10-year life of an enterprise zone (EZ), provided that the qualifying “expenditure is incurred under a contract entered into within” the first 10 years (“the proviso”). According to the Court of Appeal1 changes made to a development, resulted in two building contracts with the claimed expenditure incurred under the second, being a “separate” contract

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Monckton Chambers, 22nd March 2023

Source: www.monckton.com

HMRC permitted to disclose taxpayer information to another taxpayer, court finds – OUT-LAW.com

Posted March 29th, 2023 in appeals, confidentiality, disclosure, HM Revenue & Customs, news, taxation, VAT by sally

‘The Court of Appeal in London has decided that HM Revenue and Customs (HMRC) can disclose confidential information about one taxpayer to another taxpayer in the context of a tax appeal.’

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OUT-LAW.com, 27th March 2023

Source: www.pinsentmasons.com

Gary Lineker wins appeal over £4.9m tax bill – BBC News

‘Sports presenter Gary Lineker has won his appeal against HMRC over a £4.9m tax bill.’

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BBC News, 28th March 2023

Source: www.bbc.co.uk

New Judgment: DCM (Optical Holdings) Ltd v Commissioners for His Majesty’s Revenue and Customs (Scotland) [2023] UKSC 7 – UKSC Blog

‘Under the Value Added Tax Act 1994 (the “VAT Act“), “newspapers” are “zero-rated”, meaning Value Added Tax (“VAT“) is not charged on them. The question in this case is whether, between 30 August 2010 – 4 December 2016 (the “relevant period“), zero-rating extended beyond print newspapers to digital editions of newspapers, such as editions for e-readers, tablets, smartphones and websites.’

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UKSC Blog, 22nd February 2023

Source: ukscblog.com

Case Preview: Commissioners for His Majesty’s Revenue and Customs v Vermilion Holdings Limited – UKSC Blog

‘In this post, Jack Prytherch, Of Counsel in the Tax team at CMS, previews the decision awaited from the Supreme Court in Commissioners for His Majesty’s Revenue and Customs v Vermilion Holdings Limited. The appeal was heard by the Supreme Court on 7 February 2023.’

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UKSC Blog, 9th February 2023

Source: ukscblog.com

Case Preview: News Corp UK & Ireland Limited v Commissioners for His Majesty’s Revenue and Customs – UKSC Blog

Posted November 2nd, 2022 in appeals, HM Revenue & Customs, media, news, Supreme Court, taxation, VAT by sally

‘In this post, Jack Prytherch, Of Counsel in the Tax team at CMS, previews the case of News Corp UK & Ireland Limited v Commissioners for His Majesty’s Revenue and Customs, which is scheduled to be heard on 22 and 23 November 2022.’

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UKSC Blog, 31st October 2022

Source: ukscblog.com

Football clubs warned over tax risk from dual-role agents – OUT-LAW.com

Posted August 22nd, 2022 in contracts, HM Revenue & Customs, news, sport, taxation by tracey

‘Football clubs in the UK have been warned that they may be underpaying tax owed in respect of player contracts in cases where agents have represented both them and the player in the contract negotiations.’

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OUT-LAW.com, 19th August 2022

Source: www.pinsentmasons.com

Supreme Court decision highlights complexity of the UK’s tax system – OUT-LAW.com

Posted August 17th, 2022 in appeals, corporation tax, HM Revenue & Customs, news, Supreme Court, taxation by sally

‘A recent UK Supreme Court decision is a reminder of some of the issues that need to be considered when calculating UK corporation tax profits whilst also highlighting the complexity of the UK’s tax system.’

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OUT-LAW.com, 15th August 2022

Source: www.pinsentmasons.com

FCA investigates Wise co-founder after tax default – The Guardian

‘The UK’s financial regulator is investigating the co-founder of payments company Wise after he failed to pay his taxes.

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The Guardian, 27th June 2022

Source: www.theguardian.com