CASES

Capital allowances not available for environmental studies expenditure

Profits arose from oil extraction activities

A reusable container is not necessarily a separate supply 

Normal expenditure out of income: JWood v HMRC [2026] UKFTT 589 (TC) (16 April) is the second recent decision, after Hosking [2026] UKFTT 406 (TC) (see Tax Journal, 27 March 2026), on the limits of the IHT exemption for gifts out of income....

Capital allowances: ring fence trades and intra-group transfers

Share loss relief: S Wilders v HMRC [2026] UKFTT 517 (TC) (1 April) is a claim for share loss relief arising from a failed attempt to recover treasure from the wreck of the ship the Merchant Royal, which sunk in 1641 off Land’s End. Investors...

Government funding held to be consideration for supplies

What is a price reduction for VAT purposes?

Promoters of film finance partnerships authorised to receive notice of enquiries into returns