R&D tax credits denied: In Strictly Money Ltd v HMRC [2024] UKFTT 866 (TC) (20 September) the judge dismissed the entire R&D claim on the basis that ‘no meaningful work’ was done in respect of the £1.4m expenditure on which relief was claimed. A number of the features of the case seem odd: the claimant company had no bank account; there was very little documentation relating to the projects; and the owner of the company did not give evidence because she was ‘thin and frail’. It is very difficult to understand exactly what was going on here.
Higher rate of SDLT payable:GMR Property Ltd v HMRC [2024] UKFTT 871 (TC) (26 September) concerns the 15% higher rate of SDLT for the acquisition of dwellings where the consideration is in excess of £500 000. The taxpayers sold their existing residence to a company in which they were...
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R&D tax credits denied: In Strictly Money Ltd v HMRC [2024] UKFTT 866 (TC) (20 September) the judge dismissed the entire R&D claim on the basis that ‘no meaningful work’ was done in respect of the £1.4m expenditure on which relief was claimed. A number of the features of the case seem odd: the claimant company had no bank account; there was very little documentation relating to the projects; and the owner of the company did not give evidence because she was ‘thin and frail’. It is very difficult to understand exactly what was going on here.
Higher rate of SDLT payable:GMR Property Ltd v HMRC [2024] UKFTT 871 (TC) (26 September) concerns the 15% higher rate of SDLT for the acquisition of dwellings where the consideration is in excess of £500 000. The taxpayers sold their existing residence to a company in which they were...
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