HMRC Guidance on COVID-19 Part 1: Reasonable Excuse
HMRC have confirmed that if a taxpayer is unable to meet an obligation (such as a payment or filing deadline) due to COVID19 that will be accepted as a reasonable excuse provided the taxpayer is able to remedy the failure as soon as possible. Taxpayers will need to explain how they have been affected by COVID-19 in making their appeal.
Taxpayers affected by COVID-19 will also be given further time to seek a review of, or appeal against, an HMRC decision. HMRC will give an extra three months (in addition to the usual 30 days) to appeal any decision that is dated February 2020 or later.
Draft Finance Bill 2020–21—promoters and enablers of tax avoidance schemes
Helen McGhee, senior associate at Joseph Hage Aaronson LLP, shares her insights on the Draft Finance Bill 2020–21 and its impact on promoters and enablers of tax avoidance schemes.
Apple and Ireland Win €13bn State Aid Appeal
The General Court of the European Union has today annulled the Commission’s decision regarding two Irish tax rulings in favour of Apple. The Commission had considered that the two rulings constituted State Aid, granting Apple €13bn in unlawful tax advantages.
The Price of Property
Helen McGhee looks at the present state of UK tax rules that must be considered when owning and disposing of UK property.
Inheritance tax problems in Finance Bill 2020
The rules on excluded property trusts are due to change with effect from royal assent. These changes are complex, and the new rules can have an unexpected and retroactive effect. Emma Chamberlain explores these rules to determine whether it may be necessary to exclude the settlor going forward as a beneficiary.
Trust Registration Service- 5MLD update
HMRC’s Trusts and Registration Service (TRS) was born back in 2017 as part of the implementation of 4MLD. 5MLD has mandated notable amendments to the operation of the TRS that clients and practitioners should not overlook. We have created a Q&A to help to navigate the new upcoming compliance obligations.