Archives: CGT, IHT, Stamp Duties, Trusts, Charities

May 2012

• Details of amendments to Capital Gains Manual (incl. transfers on divorce, and shares & securities) - (17/05/2012)
• R&C Brief: decision in case of HSBC Holdings & Bank of New York Mellon v HMRC: no change to HMRC approach - (16/05/2012)
• Stamp duty: change to stock transfer form - (16/05/2012)
• IHT manual updated: procedure when an instrument of variation redirects assets to a charity - (16/05/2012)
• Simpler tax re-claims for smallest charities - (10/05/2012)
• HMRC’s SDLT Manual updated re charities relief (FA 2003, Sch. 8, para. 1) - (04/05/2012)
• CGT private residence relief: meaning of “residence”: appeal dismissed: Harte v HMRC [2012] UKFTT 258 (TC) - (01/05/2012)

April 2012

• SDRT case: HMRC will not appeal decision in HSBC Holdings PLC and the Bank of New York Mellon Corporation V HMRC - (27/04/2012)
• Details of amendments to Capital Gains Manual - (23/04/2012)
• HMRC public meeting to be held re Gift Aid Small Donation Scheme - (17/04/2012)
• SDLT: chargeable consideration: attribution between land and chattels: Orsman v HMRC [2012] UKFTT 227 (TC) - (16/04/2012)
• HMRC’s trusts manual restructured, plus new guidance re trust status - (16/04/2012)
• Details of amendments to HMRC’s SDLT manual - (11/04/2012)
• Changes to the 2011-12 Trust and Estate Tax Return - (07/04/2012)
• HMRC guidance re reduced rate IHT when giving 10% to charity - (07/04/2012)
• Income tax: foreign income: trust dividends: distribution assessable on beneficiary: Frye v HMRC [2012] UKFTT 221 (TC) - (05/04/2012)
• IHT manual updated to reflect new definition of charity - (02/04/2012)
• CGT annual exemption: confusion over correct figure for 2012-13 (£10,600 or £11,200) - (02/04/2012)

March 2012

• CGT: whether a discovery: yes: appeal dismissed: Sanderson v HMRC [2012] UKFTT 207 (TC) - (30/03/2012)
• CGT: improvements to property: “gifted deposit”: appeal allowed in part: Symonds v HMRC [2012] UKFTT 197 (TC) - (30/03/2012)
• Finance Bill 2012 – Explanatory Notes - (29/03/2012)
• Finance Bill published (for FA 2012) (pdf version) - (29/03/2012)
• Finance Bill published (for FA 2012) (html version with hyperlinks) - (29/03/2012)
• HMRC consultation re Gift Aid Small Donations Scheme - (28/03/2012)
• Stamp Duty: change to the stock transfer form - (28/03/2012)
• Negligible Value List updated to end of February 2012 - (27/03/2012)
• HMRC note re new rates of SDLT - (23/03/2012)
• Stamp Duty Reserve Tax: transfer of shares: appeal allowed: HSBC Holdings PLC and The Bank of New York Mellon Corporation v HMRC [2012] UKFTT 163 (TC) - (23/03/2012)
• HMRC note re HSBC Holdings SDRT case - (23/03/2012)
• CGT: whether beneficiary absolutely entitled: artificiality: appeal allowed: McLaughlin v HMRC [2012] UKFTT 174 (TC) - (15/03/2012)
• Charities: new guidance on Gift Aid declarations - (15/03/2012)
• Charities: new definition of “charity” for tax purposes from April 2012 - (15/03/2012)
• RPI figure for January 2012 is 238 - (13/03/2012)
• Details of amendments to IHT manual: pre-owned assets - (09/03/2012)

February 2012

• CGT: residence at time of disposal: appeal dismissed: Kimber v HMRC [2012] UKFTT 107 (TC) - (28/02/2012)
• Updated guidance on Gift Aid and new model declarations - (24/02/2012)
• Stamp Taxes Bulletin – 1/2012 - (24/02/2012)
• Details of amendments to Capital Gains Tax Manual - (23/02/2012)
• Details of amendments to SDLT manual - (20/02/2012)
• Details of amendments to IHT Manual (life policies) - (16/02/2012)
• CGT: amendment of grounds of valuation appeal: application allowed: Wildin v HMRC [2012] UKFTT 86 (TC) - (15/02/2012)
• IHT: deemed transfer on death: equitable interest: agricultural property relief: appeal allowed: Hanson v HMRC [2012] UKFTT 95 (TC) - (15/02/2012)
• CIOT comments on FB 2012 draft clauses - (13/02/2012)
• Capital losses (Mansworth v Jelley): cases under enquiry: CIOT publish HMRC letter re revised treatment - (13/02/2012)
• Specialist tax titles from Claritax Books (capital allowances, SDLT, Tax Chamber Hearings, FHLs, Company Cars, and more) - (10/02/2012)
• Switzerland moves closer to abolition of stamp duty - (10/02/2012)
• Indexation allowance for December 2011 published: 239.4 - (09/02/2012)
• CGT rollover relief, and calculation of benefit re living accommodation: Pems Butler Ltd & Ors v HMRC [2012] UKFTT 73 (TC) - (07/02/2012)
• HMRC’s IHT manual updated: guidance re successions “substantially rewritten” - (01/02/2012)

January 2012

• Details of amendments to HMRC’s Trusts, Settlements and Estates Manual - (31/01/2012)
• IHT: business property relief: holiday letting: appeal allowed: Pawson (deceased) v HMRC [2012] UKFTT 51 (TC) - (30/01/2012)
• Income tax: settlor interested trust: ICTA 1988, s. 660A: appeal dismissed: Rogge & Ors v HMRC [2012] UKFTT 49 (TC) - (26/01/2012)
• Details of amendments to Stamp Duty Land Tax manual - (24/01/2012)
• SDLT: failure to deliver return: no reasonable excuse: UTT hearing: Scott v HMRC [2012] UKUT 10 (TCC) - (19/01/2012)
• SDLT: failure to deliver return: no reasonable excuse: UTT hearing: Ryan v HMRC [2012] UKUT 9 (TCC) - (19/01/2012)
• Details of amendments to the Capital Gains Manual - (19/01/2012)
• Indexation allowance for November 2011 published: 238.5 - (11/01/2012)
• CGT: EIS and taper relief: mixed purposes: appeal allowed: Stolkin v HMRC [2011] UKFTT 831 (TC) - (11/01/2012)
• R&C Brief 45/11: red diesel entitlement: grass cutting - (05/01/2012)
• R&C Brief 45/11: red diesel entitlement for community/charity activities - (05/01/2012)

December 2011

• House of Lords discussion of inheritance tax - (22/12/2011)
• Gift aid: charitable purposes: relief claim at least careless: Siri Ltd v HMRC [2011] UKFTT 794 (TC) - (19/12/2011)
• Income tax and CGT: discovery assessment: Court of Appeal upholds earlier decisions: Hankinson v HMRC [2011] EWCA Civ 1566 - (16/12/2011)
• CGT: residence: remained resident or ordinarily resident in UK: Broome v HMRC [2011] UKFTT 760 (TC) - (09/12/2011)
• SI 2011/2913: The Estates of Deceased Persons (Forfeiture Rule and Law of Succession) Act 2011 (Commencement) Order 2011 - (08/12/2011)
• Details of amendments to inheritance tax manual - (08/12/2011)
• Details of amendments to Capital Gains Manual - (07/12/2011)
• IHT: reduced rate from April 2012 for estates leaving 10%+ to charity - (06/12/2011)
• Details of amendments to HMRC’s Trusts, Settlements and Estates Manual - (02/12/2011)
• IHT: discounted gift trust: appeal dismissed: Watkins & Anor v HMRC [2011] UKFTT 745 (TC) - (02/12/2011)

November 2011

• CGT annual exemption frozen at £10,600 for 2012-13 (see para. 2.19) - (29/11/2011)
• Seed EIS relief at 50 per cent, annual limit £100,000 (see para 2.16) - (29/11/2011)
• CGT: entrepreneurs’ relief: part of business: successful appeal: Gilbert (t/a United Foods) v HMRC [2011] UKFTT 705 (TC) - (25/11/2011)
• IHT: agricultural property relief: UTT: successful HMRC appeal: HMRC v Atkinson & Anor [2011] UKUT B26 (TCC) - (25/11/2011)
• CGT: gift of property: assessment on donee: appeal allowed (wrong year): Hamar v HMRC [2011] UKFTT 687 (TC) - (23/11/2011)
• Inheritance tax receipts up 14% in 2010-11 - (18/11/2011)
• New book on SDLT now in stock at Claritax Books - (15/11/2011)
• Stamp Taxes Bulletin 2/2011 - (15/11/2011)
• CGT: Enterprise Investment Scheme: when money “employed” in a business: Upper Tribunal dismisses appeal: Christopher Richard Skye Inns Ltd v HMRC [2011] UKUT 440 (TCC) - (15/11/2011)
• Shares and Assets Valuation: a new HMRC overview - (14/11/2011)
• Rent-a-room relief: main residence: question of fact: appeal dismissed: Woods v HMRC [2011] UKFTT 663 (TC) - (10/11/2011)
• HMRC conducting customer survey re Shares and Assets Valuation - (09/11/2011)
• Original 1765 Stamp Act (“a precipitator of American Independence”) on show in New York (BBC report) - (08/11/2011)
• Additional HMRC guidance on SDLT - (03/11/2011)

October 2011

• CGT: share valuation: negligible value: appeal allowed: Barker & Ors v HMRC [2011] UKFTT 645 (TC) - (31/10/2011)
• Inheritance tax: HMRC issue updated toolkit - (27/10/2011)
• Parliamentary Q&A re cost of freezing CGT annual exemption and IHT thresholds - (27/10/2011)
• CGT: private residence relief: appeal allowed: Clarke v HMRC [2011] UKFTT 619 (TC) - (21/10/2011)
• Income tax: understated profits: capital gains: constructive trusts: Singh v HMRC [2011] UKFTT 584 (TC) - (14/10/2011)
• Details of changes to HMRC’s Capital Gains manual (companies, shares & securities) - (14/10/2011)
• SI 2011/2205: The Stamp Duty & Stamp Duty Reserve Tax (Cassa Di Compensazione E Garanzia S.p.A.) Regs 2011 - (03/10/2011)

September 2011

• Details of minor amendments to HMRC’s SDLT manual - (29/09/2011)
• Details of changes to Capital Gains manual - (20/09/2011)
• Indexation Allowance for assets disposed of in July and August 2011 - (19/09/2011)
• Details of updates to the Trusts, Settlements and Estates Manual - (19/09/2011)
• IHT: HMRC announce significant changes to their interpretation of the law - (14/09/2011)
• Stamp duty: SI 2011/2205: The Stamp Duty and Stamp Duty Reserve Tax (Cassa Di Compensazione E Garanzia S.p.A.) Regulations 2011 - (12/09/2011)
• IHT: SI 2011/2226: The Inheritance Tax (Delivery of Accounts) (Excepted Estates) (Amendment) (No. 2) Regulations 2011 - (12/09/2011)
• SI 2011/2192: The Authorised Investment Funds (Tax) (Amendment No. 2) Regulations 2011 - (07/09/2011)

August 2011

• CGT late appeal: no reasonable excuse: Bohra v HMRC [2011] UKFTT 531 (TC) - (15/08/2011)
• Details of amendments to Capital Gains Manual - (10/08/2011)
• Digital by Default consultation re main direct business taxes - (08/08/2011)
• Income tax and CGT: penalty: no reasonable excuse: Gallagher v HMRC [2011] UKFTT 530 (TC) - (05/08/2011)
• Charitable payments to overseas bodies - (03/08/2011)
• Indexation Allowance for assets disposed of in June 2011 - (03/08/2011)
• SDLT penalty: no reasonable excuse: Bason v HMRC [2011] UKFTT 521 (TC) - (01/08/2011)

July 2011

• Income tax and CGT: under-declarations: assessments upheld in principle: Hussain v HMRC [2011] UKFTT 516 (TC) - (29/07/2011)
• CGT: allowable loss: options over gilts: whether exempt under TCGA 1992, s. 115: no - (27/07/2011)
• IHT Excepted Estates Regulations – draft amendment - (26/07/2011)
• CGT relief: TCGA 1992, s. 45: whether a painting was plant: Henderskelfe, The Executors of v HMRC [2011] UKFTT 493 (TC) - (22/07/2011)
• Stamp Duty Land Tax: relief for transfers involving multiple dwellings - (21/07/2011)
• Stamp Duty Reserve Tax customer newsletter 12 - (20/07/2011)
• CGT re withdrawals from offshore policy: Cleghorn v HMRC [2011] UKFTT 488 (TC) - (19/07/2011)
• Details of amendments to Trusts, Settlements and Estates Manual - (15/07/2011)
• CGT discovery assessments: no new facts: appeal allowed: Charlton & Ors v HMRC [2011] UKFTT 467 (TC) - (13/07/2011)
• Benford v HMRC re private residence relief [2011] UKFTT 457 (TC) - (08/07/2011)
• Details of amendments to Inheritance Tax Manual - (08/07/2011)
• Stamp Taxes Bulletin – 1/2011 - (06/07/2011)
• Tax-advantaged venture capital schemes: a consultation - (06/07/2011)
• Stamp Duty Land Tax – new forms - (04/07/2011)

June 2011

• Class 1 NIC: payment from EBT: whether a gratuity: Knowledgepoint 360 Group Ltd v HMRC [2011] UKFTT 438 (TC) - (30/06/2011)
• Penalties: failure to notify: business profits and capital gains: Chauhan v HMRC [2011] UKFTT 412 (TC) - (24/06/2011)
• Details of amendments to Shares and Assets Valuation Manual - (23/06/2011)
• CGT: rollover relief: compensation: Mertrux Ltd v HMRC [2011] UKFTT 398 (TC) - (21/06/2011)
• Details of amendments to Capital Gains Manual - (21/06/2011)
• Income tax: CGT losses: discovery: negligence: finding of fact: Colin Moore vs HMRC [2011] UKUT 239 (TCC) - (16/06/2011)
• Details of amendments to Trusts Manual - (14/06/2011)

May 2011

• CGT: beneficial ownership: Lawson v HMRC [2011] UKFTT 346 (TC) - (25/05/2011)
• Details of amendments to Inheritance Tax Manual - (19/05/2011)
• CGT surcharge: reliance on professionals: no reasonable excuse: Trustees of the D R Shanks Discretionary Trust v HMRC [2011] UKFTT 332 (TC) - (19/05/2011)
• IHT: business / agricultural reliefs: Golding & Anor v HMRC [2011] UKFTT 351 (TC) - (18/05/2011)
• Trading profit or capital gain: PPR: Lowrie v HMRC [2011] UKFTT 309 (TC) - (10/05/2011)
• CGT: penalty for late return: no reasonable excuse: Shortell v HMRC [2011] UKFTT 284 (TC) - (03/05/2011)

April 2011

• IHT: grant of future underlease: whether donor excluded: Buzzoni & Ors v HMRC [2011] UKFTT 267 (TC) - (21/04/2011)
• Details of amendments to Capital Gains Manual - (18/04/2011)
• SDLT: whether HMRC notice effective: Coolatinney Developments Ltd & Ors v HMRC [2011] UKFTT 252 (TC) - (15/04/2011)
• SDLT: flat rate penalty: no reasonable excuse: Manor House Surgery (Glossop and Hadfield) v HMRC [2011] UKFTT 236 (TC) - (11/04/2011)
• Charities: registered social landlord: whether charity: no: Helena Partnerships Limited v HMRC [2011] UKUT B12 (TCC) - (06/04/2011)
• Details of amendments to Inheritance Tax Manual - (04/04/2011)
• CGT/ Taxation of Chargeable Gains: complex share valuation: Marks v HMRC [2011] UKFTT 221 (TC) - (01/04/2011)

March 2011

• Details of amendments to HMRC’s Trusts, Settlements and Estates Manual Update - (31/03/2011)
• SDLT penalty: alleged failure to deliver land transaction: appeal allowed: Broughall v HMRC [2011] UKFTT 193 (TC) - (21/03/2011)
• Discovery assessments: whether receipts income or capital: error or mistake: appeal allowed: Howell v HMRC [2011] UKFTT 179 (TC) - (16/03/2011)
• CGT: transfer of interests in partnership: whether interests belonged to the appellant: Jones v HMRC [2011] UKFTT 149 (TC) - (02/03/2011)

February 2011

• Tax avoidance: income tax: discounts: gilt strips: computation of loss: Mr Andrew Berry v HMRC v [2011] UKUT 81 (TCC) - (25/02/2011)
• SDLT: subsale: FA 2003, Sch. 15: acquisition by partnership: pepper v Hart: DV3 RS Ltd Partnership v HMRC (Rev 1) [2011] UKFTT 138 (TC) - (24/02/2011)
• Details of amendments to HMRC’s Inheritance Tax Manual - (18/02/2011)
• Details of amendments to HMRC’s Trusts Manual - (18/02/2011)
• CGT business taper relief: land let for growing of grass for silage: no prevailing practice: Evelyn v HMRC [2011] UKFTT 121 (TC) - (16/02/2011)
• CGT appeal: discovery: assessment not precluded by TMA 1970, s. 29(4) or (5): Tetley v HMRC [2011] UKFTT 118 (TC) - (15/02/2011)
• Details of amendments to HMRC’s Capital Gains Manual - (08/02/2011)
• Joint bank accounts: income arising jointly. Accounts for minor children: taxpayer not settlor: Lorber (Decision No.1) v HMRC [2011] UKFTT 101 (TC) - (03/02/2011)

January 2011

• CGT share valuation: private company: p/e ratio: discounting: Erdal v HMRC [2011] UKFTT 87 (TC) - (26/01/2011)
• Income tax relief re CGT loss on shares: shares not subscribed for: Fard v HMRC [2011] UKFTT 63 (TC) - (18/01/2011)
• CGT: whether documents reasonably required: yes: Whight v HMRC [2011] UKFTT 60 (TC) - (18/01/2011)
• SDLT: penalty for late return: loss in post was a reasonable excuse: Runham & Ms C Naramore v HMRC [2011] UKFTT 55 (TC) - (17/01/2011)
• Details of amendments to HMRC’s Trusts, Settlements and Estates Manual - (17/01/2011)
• CGT: private residence relief (no): job related accommodation exemption (no): v HMRC [2011] UKFTT 49 (TC) - (14/01/2011)
• SDLT: late return: taxpayer had reasonable excuse: Pericleous v HMRC [2011] UKFTT 52 (TC) - (14/01/2011)
• Motor expenses disallowed. CGT disposal sole or joint: Jolaoso v HMRC [2011] UKFTT 44 (TC) - (12/01/2011)
• Details of amendments to HMRC’s Inheritance Tax Manual - (04/01/2011)