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Vocalspruce
The Supreme Court has refused the taxpayer permission to appeal in the lead case of Vocalspruce v CRC [2015] STC 861, meaning the decision is now final. The case centered on the tax treatment of loan relationships. It involved UK-to-UK financing arrangement that, by transferring it to the share premium account, the taxpayer claimed would make it not liable to tax. The Court of Appeal held that the related party provisions applied to disregard all transactions, so the proceeds remained taxable.
Vocalspruce
The Supreme Court has refused the taxpayer permission to appeal in the lead case of Vocalspruce v CRC [2015] STC 861, meaning the decision is now final. The case centered on the tax treatment of loan relationships. It involved UK-to-UK financing arrangement that, by transferring it to the share premium account, the taxpayer claimed would make it not liable to tax. The Court of Appeal held that the related party provisions applied to disregard all transactions, so the proceeds remained taxable.
Guernsey
Guernsey has issued a consultation paper on transparency of beneficial ownership of companies. It takes account of the development of the international debate on transparency of beneficial ownership and the finalisation of the EU’s money laundering directive. Comments should be emailed by 10 July.
PAYE and NICs
HMRC’s CWG2: Further Guide to PAYE and National Insurance Contributions (NICs) has been updated. Chapter 1, page 4 has been amended to show who is treated as an employee for NICs purposes and chapter 2 paragraph 24a has been revised to reflect the new pension flexibility.
CASC guidance
HMRC have updated their guidance on community amateur sports clubs (CASCs), to explain how they decide the date that sports club is recognised as a CASC.
Offshore funds
The list of offshore funds that have been approved as reporting funds has been updated.
Stock exchange
Eurex Deutschland has been recognised as a futures exchange for the purposes of the Taxation of Chargeable Gains Act 1992.
Software
IRIS Software Group has acquired Keytime Ltd, which provides integrated practice software to around 1,700 UK practices.
