TAX POLICY ADMINISTRATION

HMRC will shortly begin sending letters to those businesses it has identified as falling within the group permitted to defer compliance with making tax digital (MTD) until October 2019.

HMRC has published its fourth annual report on the operation of the code of practice on taxation for banks, covering the period from 1 April 2017 to 31 March 2018.

The report states that the code continues to support improved behaviour across the banking sector. Findings include:

HMRC has published an ‘issue briefing’ reporting progress on consolidation of its offices into 13 regional centres and five specialist offices, first announced in 2015.

HMRC has published the following:

The Welsh government presented its final 2019/20 Budget to the Welsh Assembly on 18 December.

In Ball UK Holdings v HMRC [2018] UKUT 407 (10 December 2018), the UT upheld the FTT’s finding that the company had not changed its functional currency according to GAAP. Ball UK Holdings (Ball UK) is a UK intermediate holding company indirectly...

In D Sinclair v HMRC [2018] UKFTT 740 (17 December 2018), the FTT found that Mr Sinclair had not created a bare trust for the benefit of a claimant who was seeking damages from him, so that post-cessation trade relief (PCTR) under ITA 2007 s 96 was...

In J Huntley v HMRC [2018] UKFTT 760 (20 December 2018), the FTT found that the filing of self-assessment returns cannot displace discovery assessments. Mr Huntley ran a shop but he did not file tax returns for several years. HMRC eventually caught...

The EU Parliament’s economic and monetary affairs (ECON) committee has presented its report with recommendations for a number of amendments to the Commission’s proposal for taxing businesses on the basis of a ‘significant digital presence’.