Weekly tax update 14 August 2018

The latest tax update and VAT round up for this week.

Survey 678781747
Geoff Everett, Andrew Wilkes
Published: 14 Aug 2018 Updated: 30 Jan 2023


  • Welsh IT rates

Private Client

  • Loss relief for a qualifying loan
  • Mistake by accountant held to be a reasonable excuse
  • Main residence and the Extra Statutory Concession D49
  • EC requests changes to UK tax relief for losses on shares and loans
  • Penalties cancelled after notifications by email are found to be insufficient
  • Incorrect 2017/18 annual reconciliations issued by HMRC

PAYE and Employment

  • Pensions discovery assessment legislation not available for scheme sanction charge

Business Tax

  • Loss claims under an offshore derivatives scheme rejected by the FTT
  • Capital allowances determination on a hydroelectric power scheme


  • Change of use for capital goods
  • A separate tax number does not make a branch a separate taxable person
  • Policy on the cost sharing exemption updated following ruling in a Luxembourg case

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.


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