Weekly tax update 1 May 2018

The latest tax and VAT round up for this week.

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Geoff Everett, Andrew Wilkes
Published: 01 May 2018 Updated: 26 May 2022
Tax

In this week's tax update:

General

  • CIOT proposes improvements to scrutiny of tax legislation
  • Tax avoidance: withdrawn Scheme Reference Numbers

Private client

  • Court finds deceased had a domicile of choice in England
  • Residence: was there a distinct break?
  • Penalties for late filing of NRCGT return cancelled
  • Invalid late filing penalties

Trust, estates and IHT

  • OTS Inheritance tax review call for evidence
  • Inheritance tax receipts rise sharply

Business tax

  • Application of separate and distinct principle under Double Tax Agreement (DTA)

VAT

  • Loan administration services are taxable as ‘debt collection’
  • Change of use for capital goods

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.

Disclaimer

This article was previously published on Smith & Williamson prior to the launch of Evelyn Partners.