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Private client review for May 2021

Speed read
The potential impact of the covid-19 pandemic on tax receipts in the UK is shown in data released by HMRC for 2020/21: the overall tax take is down, but there is in increase in IHT. In Ball Europe Ltd, the tribunal finds that HMRC can’t raise a discovery assessment where it should have spotted a substantial transaction missing from the taxpayer’s return. Bennedy’s Developments is another tribunal decision on penalties that went against HMRC. The OTS joins the debate on the status of HMRC guidance and whether it can be relied on by taxpayers.
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