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Private client briefing for February 2018

Speed read

Among recent developments, the Court of Appeal confirms that the inclusion of a euro conversion clause is not enough to deny a security qualifying corporate bond status; partners are reminded that expenses may be only be deducted if they are incurred ‘wholly and exclusively’ for the trade of an LLP as a whole; HMRC extends its run of defeats regarding late filing penalties; humans not computers must decide whether to impose a penalty; MPs seek to amend the Finance (No.2) Bill 2017–19 to extend the inheritance tax exemption for donations to political parties to referendum campaigns; and the Office of Tax Simplification is given the green light to conduct a full scale inheritance tax review.

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