Each Taxation writer provides a tetrad of analyses of the chancellor’s announcements
A will trust owns and operates the business of a school. The trustees wish to form a limited company, of which the trust will be the sole shareholder, to which the school assets and liabilities will be transferred. Questions of entitlement to incorporation and entrepreneurs’ relief are examined.
Holding shares in a trading company by way of a partnership is not a bar to business property relief
The director and 100% shareholder of a failing company decided to incentivise the two managers by issuing separate classes of shares to them, with dividends being paid from future profits. The share issue was delayed until after the company recovered
Reasons for HMRC’s tardiness in making construction industry scheme repayments
HMRC have changed their advice on the Construction Industry Training Board (CITB) levy, following a backlash from building firms.
The Revenue announced in January that it would no longer allow contractors to recoup the CITB charge from subcontractors in the form of a deduction made from the “gross amount of payment” on monthly returns.
A committee of the European parliament has approved an amendment to the Fourth Anti-Money Laundering Directive, which would make details about individuals behind trusts publicly available for the first time.
Under the plan, each member state of the European Union would be required to keep and make available a register of information on the ultimate beneficial owners of privately owned companies, foundations and trusts.
Marks and Spencer v CRC, Supreme Court
Two shareholders own eight properties through an investment company. They wish to go their own way and would like to achieve this by forming two separate companies, each owning four properties
Bristol & West plc, Upper Tribunal (Tax and Chancery Division)
Assessing a new standard for ethical behaviour in tax
The rejection by the First-tier Tribunal of the taxpayer’s claim in Armajaro Holdings Ltd