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December 13, 2013

News & Views from PD Tax - December 2013

A roundup of the latest news from the world of tax including highlights from the Autumn Statement 2013 and recent tax cases of interest.

Click on the links below to view the full articles.

Demolition of a home - Private Residence Relief and CGT

The recent case of Paul Gibson v HMRC provides some interesting points in relation to capital gains tax and Private Residence Relief.

Entrepreneur's Relief & Surplus Cash

We have recently been involved in a recent case where assurance was sought from HMRC that surplus cash would not affect the company's trading status.

New Reliefs for Indirect Employee Ownership 

An outline of the new rules for qualifying "Employee Ownership Trusts".

Changes to Capital Gains Tax - Autumn Statement 2013

An overview of the changes to private residence relief and the taxation of non UK residents.

Trusts Tax Update

The Autumn Statement 2013 contains a number of provisions affecting the tax treatment of trusts.

NICs for Under 21s To Be Abolished

Employer NICs for employees under the age of 21 are to be abolished from April 2015.

Discovery & Disclosure - Recent Tax Cases

The level of information that must be provided in order to give protection against a discovery assessment has been tested in two recent cases.

EFRBS Settlement Opportunity for Employers

Users of EFRBS have until 31 December 2013 to notify HMRC if they wish to use the EFRBS Settlement Opportunity.

Capital Gains Tax & Residence - Putting Advice into Action

The Rumbelow case highlights some important points to consider where tax advice is being put into practice.

Two Important Changes to the Tax Treatment of Partnerships

Draft legislation has been published in relation to salaried partners of LLPs and mixed member partnerships.

Users of Failed Tax Avoidance Schemes

New measures were announced in the Autumn Statement 2013 to clamp down on users of marketed avoidance schemes.

Interpreting Double Tax Treaties

The first tier tribunal case of Macklin v HMRC TC02943 is a reminder that care must be taken when interpreting double tax treaties.

Allocation of Consideration (Goodwill), Tribunal Decision Imminent

We understand that at least one taxpayer is awaiting a  decision from the tribunal regarding the allocation of consideration between goodwill and the value of the property following the acquisition of a nursing home.

For more recent tax news see our October 2013 Newsletter or to join our newsletter list please email charlotte.wardle@pd-taxconsultants.co.uk


Contact us today to discuss your tax requirements.
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