Weekly Tax Update 2 July 2019

General

• Tribunal overturns daily penalties that were ‘impossible’ to impose lawfully
• FTT approves third party information notices for non-residents
• UK tax gap increases slightly in 2017-18
• HMRC publishes updates to manuals
• Draft Finance Bill clauses to be published next week

Private client

• FTT strikes out seven grounds of appeal for Hely Hutchinson
• Taxpayer unable to resile from agreement
• Kindertransport compensation payments not subject to IHT
• Discovery assessment and penalties upheld
• HMRC technical issues could mean larger January tax bills
• Penalties cancelled for taxpayer who did not tell HMRC his address
• HMRC to warn taxpayers over new 30 day filing deadline
• HMRC sends incorrect information to taxpayers

Trusts, estates and IHT

• Crown dependency registers of beneficial ownership to be made public

PAYE and employment

• Consultation opens on Employment Allowance eligibility reforms

Business tax

• UK appeals EC State Aid decision
• Draft Structures and Buildings Allowance regulations laid before Parliament
• CJEU rules on the transfer of losses in a cross-border merger

VAT

• Guidance published on the domestic reverse charge for construction services

And finally

• Dirty laundry

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.