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January - Private Client Briefing from Tax Journal 2018

Posted on 26 January 2018. Source: Tax Journal

January - Private Client Briefing from Tax Journal

HMRC publishes the latest quarterly Trusts and Estates Newsletter. In Hesketh & Welland, the taxpayers’ ignorance of the need to  submit NRCGT returns was not a reasonable excuse.

In Rowe & Vital Nut, APNs and PPNs issued to film scheme investors and  EFRBS participants were held to be valid. Barker v Baxendale Walker Solicitors highlights the importance of pointing out risks  involved in the implementation of tax avoidance schemes.

Recent  press coverage reminds practitioners that donations to political  campaigns are lifetime chargeable transfers, subject to IHT at  25% if grossing up is necessary. The GAAR panel has issued three  further opinions. English Holdings held in the taxpayer’s favour that  corporation tax losses can be offset against income tax profits. MDL Property Consultants confirmed that LLPs are not transparent for  all tax purposes.