Weekly tax update 3 July 2018

General

• Penalty for late corrective action following the issue of a follower notice
• CA find interest payments have UK source

Private client

• HMRC’s agent update 66
• Self-assessment penalties and assessments
• Daily penalties for late filing of self-assessment tax returns
• HMRC’s power to request information
• Pre-population of bank and building society interest
• Non-resident CGT penalties – conflicting views
• CA matrimonial decision on domicile
• HMRC updates non-statutory guidance clearance
• UT confirms that EIS CGT exemption is only available where EIS IT relief is claimed

Trust, estates and IHT

• FTT finds business relief available for holiday letting business

PAYE and employment

• Costs of cleaning protective clothing not allowed as not sufficiently evidenced

Business tax

• Loan waiver scheme: dividend or employment income?
• OTS recommends maintaining current capital allowances system

VAT

• Zero rating construction flats specifically for students?
• Supplies of goods ‘on approval’
• CJEU considers VAT exemption where conditions for exemption are satisfied
• Transfer of immovable property as consideration for the buy-back of shares

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.