Weekly tax update 9 October 2018

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

Sunrise Nature 634769060
Geoff Everett, Andrew Wilkes
Published: 10 Oct 2018 Updated: 31 Jan 2023

In this weeks tax update:


  • UK Digital Services Tax warning
  • Draft Welsh Budget released
  • Scottish Budget date announced
  • Multilateral Instrument comes into force in the UK

Private client

  • Penalties cancelled as taxpayer could not have expected filing requirement

Business tax

  • Derivatives loss denied by UT
  • CIOT warns draft legislation is contrary to EU law
  • ATT calls on HMRC to reduce compliance requirements for losses


  • FTT rejects DIY Housebuilders’ Scheme
  • EU permits reduced VAT rates on electronic publications
  • Brexit legislation receives Royal Assent

Tax publications

  • Briefing Notes published

And finally

  • Told you

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.