Mark Middleditch (Allen & Overy) provides this month’s update, including: the limits of the purposive approach in tax avoidance cases; accelerated payments and DOTAS; draft changes on loan relationships and derivative contracts; notice clauses in tax indemnities; and the new HMRC Stamp Taxes on Shares Manual
Jackie Wheaton (Moore Stephens) answers a query on a UK person investing in a US LLC that is tax transparent for US purposes
The Law Society has published its responses to HMRC’s consultation on trust IHT charges, giving a qualified welcome to the proposed ‘settlement nil-rate band’, but recommending a method by which trustees can use any unallocated portion. Further recommendations include:
Anthony and Tracy Hancock v HMRC illustrates the limits of both the Ramsay doctrine and the purposive construction of legislation. Pete Miller (The Miller Partnership) takes a look at the case
Andrew Roycroft (Norton Rose Fulbright) reviews the decision in the case of Bupa Insurance, which serves as a reminder that a tax avoidance purpose is, of itself, not sufficient for HMRC to deny a taxpayer its intended tax outcome
Andrew Goldstone and Victoria Howarth (Mishcon de Reya) review recent developments, including consultations on VCTs, social investment tax relief and income tax allowance restrictions for non-residents; changes to the tax treatment of commercial loans taken out by non-doms; ATED; and guidance on dual employment contracts
The Finance Act 2013, Schedules 17 and 18 (Tax Relief for Video Games Development) (Appointed Day) Order, SI 2014/1962, appoints 1 April 2014 as the date upon which the amendments made by FA 2013 Sch 17 and 18 come into force.
The Registered Pension Schemes (Provision of Information) (Amendment) Regulations, SI 2014/1843, which come into force on 18 August 2014, amend the Registered Pension Schemes (Provision of Information) Regulations, SI 2006/567, as a consequence of the introduction of individual protection 2014 (I
Jackie Wheaton answers a query on the inheritance tax implications of a dividend waiver
Andrew Goldstone and Victoria Howarth provide an update, including: the increased transparency of ownership of UK companies; new HMRC guidance on the taxation of damages; a recent decision on reasonable excuse for late returns; and why professionals acting as charity trustees need to be aware of potential conflicts of interest