July- Private Client Briefing from Tax Journal

Posted on 22 July 2016 by Andrew Goldstone & Sarah Albury. Source: Tax Journal

July- Private Client Briefing from Tax Journal

Speed Read:  Three decisions of the First-tier Tribunal this month, one indicating that a taxpayer beneficiary should not assume information disclosed in the trustees' tax return will be known by the HMRC officer dealing with his personal return; another that a penalty can be suspended, with conditions, even for a one off error; and the third that where a partner disagrees with the profit share shown in the partnership return, he should include in his personal return the amount he considers to be correct.  An ECJ decision that may prove useful to practitioners dealing with estates where a UK resident had accounts in EU branches of UK-based financial institutions; and a welcome expansion of investors' relief to trusts.

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