Weekly Tax Update 16 July 2019

General

• Draft clauses published for Finance Bill 2019-20
• HMRC publishes the new Investment Funds Manual
• Revenue Scotland loses appeal against daily penalties
• Amendments to the General Anti-Abuse Rule (GAAR)
• Consultation opens on Double Taxation Dispute Regulations

Private client

• Scope of CGT relief widened on loans to traders
• PRR - consultation response and draft legislation published
• FTT opines on HMRC’s ‘Notice to File’ obligations
• UK tax relief for losses on shares

Trusts, estates and IHT

• Additions to and transfers between excluded property trusts

PAYE and employment

• HMRC loses another Media IR 35 case
• Off-payroll working legislation published
• Government proposes temporary car benefit reductions
• Simplifying the tax system for self-employed and landlords of residential property

Business tax

• Late capital allowances claim is not late if an enquiry is opened
• Draft legislation released for the Digital Services Tax
• Report finds that high CT rates are harmful to economic growth
• Draft legislation allows deferral of CT on EU group asset transfers
• Proposal to make directors liable for tax avoided through insolvencies
• Assessments invalid where notice is sent three years late
• New rules for spreading accounting adjustments on leases

Tax publications and webinars

• Webinars

And finally

• Summer Reading

DISCLAIMER
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.