Terrace Hill (Berkeley) Ltd (TC4282)
Bowerswood House Retirement Home Ltd (TC4299)
HMRC have taken legal steps to clampdown on plant and machinery sale-and-leaseback transactions designed to avoid tax.
The Revenue said it recently became aware of leasebacks that purported to create substantial capital allowances on assets that previously entitled the owner to no allowances.
Legislation is set to be introduced in Finance Bill 2015, with effect from 26 February 2015, to ensure an entitlement to capital allowances cannot be created by leaseback or connected party transaction when an asset is acquired without incurring expenditure.
The tatty rules of allowable expenses in respect of let property
Edition in summary
Employers will not incur penalties for delays of up to three days in filing PAYE information, HMRC have confirmed.
There will be no changes to the submission deadlines, and employers with fewer than 50 employees will still be subject to late-filing fines from 6 March. But late-payment sanctions will be reviewed on a risk-assessed basis, rather than issued automatically.
The Revenue intends to next month close about 15,000 PAYE schemes that have not made a report since April 2013 and appear to have ceased, in an effort yo prevent unnecessary penalties being issued.
Eclipse Film Partners No 35 LLP v CRC, Court of Appeal
Taxing celebrities’ income from the exploitation of image rights
When does an expense in the accounts of a business fail to be deductible?
Tax-efficient structures for community groups in a joint trading activity
Many countries are overhauling their corporate tax rules ahead of the final recommendations from the Organisation for Economic Cooperation and Development (OECD) on base erosion and profit shifting (BEPS), according to a report from big four accountancy EY.