Recent Upper Tribunal (UT) decisions show HMRC’s continued success in its challenges to perceived tax avoidance. A consultation on proposed changes to tax advantaged venture capital schemes has been launched. The UT has applied the equitable remedy of rectification for unilateral mistake to remedy the harsh effects of tax legislation. A public registry of private companies’ beneficial owners in the UK is now a reality. Another recent UT decision has held that the purpose of a tax-related penalty is to punish the taxpayer. It will be possible to file IHT accounts online from August 2015
