On 23 April 2025, HMRC published Spotlight 69, drawing attention to arrangements involving the liquidation of Limited Liability Partnerships (LLPs) aimed at avoiding Capital Gains Tax (CGT) liabilities. How the Schemes Operate Typically, the arrangements involve the following sequence: Promoters claim that these steps allow the properties to be transferred into a corporate structure without […]
In a recent judgment, [2025] UKFTT 00421 (TC) the First-tier Tribunal has allowed the appeal of Mr Gary Quillan, confirming that no income tax charge arises under s.415 ITTOIA 2005 in relation to an overdrawn director’s loan account that had not been formally written off or released. Mr Quillan, the sole director of BOH Investments […]
Yesterday’s Spring Statement by Chancellor Rachel Reeves outlined several significant tax-related measures as part of the government’s broader effort to modernise the UK tax system and strengthen compliance. The changes will affect individuals, sole traders, landlords, and businesses, particularly those interacting with HMRC’s digital services. Tougher Penalties for Late Tax Payments One of the headline […]
On 6 March 2025, the First-tier Tribunal (Tax Chamber) ruled against the appellants in Sajedi v Revenue and Customs Commissioners (TC09447), dismissing their claims for Stamp Duty Land Tax (SDLT) relief. The case focused on whether transferring just 1% of an existing property counted as a "disposal of a major interest", allowing the appellants to […]
On 18 March 2025, HM Treasury issued the Annual Tax on Enveloped Dwellings (Indexation of Annual Chargeable Amounts) Order 2025 (SI 2025/364). This order sets the ATED annual chargeable amounts for chargeable periods starting on or after 1 April 2025. The annual chargeable amounts are determined in accordance with the following table Annual chargeable amount […]
