In a significant decision for non-domiciled individuals claiming Business Investment Relief (BIR), the Upper Tribunal has confirmed that any extraction of value from a company in which a qualifying investment has been made may trigger a clawback of relief, even if there is no net benefit to the investor. In D’Angelin v Revenue and Customs […]
The UK government has introduced new reporting obligations for crypto asset service providers, aligning with the OECD’s Crypto-Asset Reporting Framework (CARF). The Reporting Cryptoasset Service Providers (Due Diligence and Reporting Requirements) Regulations 2025 (SI 2025/744), enacted on 24 June 2025, will come into force on 1 January 2026. Under the new rules, UK-based Reporting Crypto […]
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 […]
