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Private Client Review for April 2020 from Tax Journal

Posted on 27 April 2020

In Fisher, the Upper Tribunal held that treating individual shareholders and/or directors of corporate transferors as having made a transfer of assets abroad would go beyond the purpose of the relevant anti-avoidance rules. HMRC has published guidance in response to COVID-19 clarifying that days spent in the UK due to being hospitalised or quarantined may in some circumstances be ignored for the purposes of calculating days spent in the UK under the statutory residence test. In Myles-Till, a grass paddock adjoining the appellant’s property constituted ‘residential property’ for the purposes of SDLT and so the higher residential rates of tax applied. The GAAR panel decided that an arrangement involving the generating of losses using currency forward purchase contracts did not amount to a reasonable course of action.

Read the full article here.

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