With the property market grinding to a halt and more than 370,000 transactions reportedly on hold, a sizeable SDLT cost may be looming for the self-builders, ‘grand designers’ and couples who have moved in together, as the lockdown means they are running out of time to reclaim the tax previously paid. We call on the Government to relax the rules.
With growing recognition that economic life will not be the same after coronavirus, the tax system will have an important part to play in the recovery and in the transition to the new normal. Tax reform will be required. What might this look like?
In these trying times businesses need to be certain that relief will be given for trading losses arising in periods when trading may have been interrupted by lockdown measures.
HMRC was sceptical of an individual’s explanation of his £300k income being derived from the tax-free pursuit of gambling activities. The tax tribunal supported his appeal against the tax assessments and provided some valuable reminders in its judgement.
Over the last 25 years, digitalisation has changed the UK tax-reporting landscape out of all recognition. Tax legislation is now far more complex with the government enacting new tax laws while having little regard to HMRC’s ability to apply them. The expectations imposed on HMRC’s systems are at an all-time high. Can they keep up?
Following enquiries by RSM, HMRC has confirmed that R&D repayment claims will not be offset against tax liabilities under COVID-19 deferral schemes. However, payments of tax that are delayed under time-to-pay agreements with HMRC remain subject to offset.
Delivered with little regard to coronavirus, Rishi Sunak’s 11 March 2020 Budget announced tax policy decisions to increase the burden of taxation by £27 billion over the next five years. With coronavirus now dominating the picture, a recent report predicts that the UK tax yield will slump by £128 billion this year. We unpack the detail.
The Upper Tribunal has upheld claims from two leisure businesses that they had overpaid VAT on historic takings from certain types of gaming machines. This may lead to much-needed refunds for the sector, which was the first to suffer the financial pressures of the coronavirus shutdown.