Weekly Tax Update 4 June 2019

General

• New Financial Secretary to the Treasury

Private client

• FTT holds taxpayer to agreement despite reasonable excuse
• HMRC comments on deemed domicile Q&As
• FTT rules against the disclosure of Mutual Agreement Procedure documentation
• Taxpayer loses High Court challenge to information notice issued by FTT
• HMRC updates ordinary share capital guidance following judgments
• Conversion of bonds did not wipe out capital gain
• FTT confirms property was occupied as a residence for short period

PAYE and employment

• Government confirms proposed early NIC payment on termination awards

Business tax

• Penalties overturned for lack of HMRC evidence
• New consultation on Offshore Receipts in respect of Intangible Property rules

VAT

• EC launches new tool to combat VAT fraud
• HMRC clarifies VAT treatment of forfeited deposits on aborted land transactions
• CA upholds the decision that overpayments are subject to VAT

Tax publications and webinars

• Briefing Notes published

And finally

• Fun job

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.