Weekly tax update 30 January 2018

The latest tax update and VAT round up for this week

Farming 281126528
Geoff Everett, Andrew Wilkes
Published: 30 Jan 2018 Updated: 31 Jan 2023


  • HMRC’s updates to penalties regime
  • Treasury reported to have influenced HMRC’s treatment of Amazon

Private client

  • Were corporate bonds with a provision for conversion into euros QCBs?
  • Business Asset Taper Relief rates not available through lack of employment
  • CA confirms HMRC’s application to strike out appeals against closure notices
  • Payment of son’s ‘wages’ not deductible

Trust, estates and IHT

  • Treasury comments on Trusts Register

PAYE and employment

  • UT agrees that the taxpayers were all managed service companies

Business tax

  • EU removes eight jurisdictions from tax havens blacklist
  • Apportioning profits in an alternative way was just and reasonable
  • AG opinion on claiming cross border loss relief


  • Only one VAT rate for a single supply
  • Default surcharge – reasonable excuse

And finally 

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.