Weekly tax brief | 17 August 2021

The lifetime allowance freeze is a pensions time bomb waiting to explode, but HMRC-approved help is at hand
Rachel De Souza
Transfers to QROPS have declined significantly in recent years, but is it now time for them to come back into fashion? Not sure what a QROPS is? Read on…

Founders missing out on tax relief
Chris Etherington
Business owners could be missing out on millions of pounds of tax relief by failing to claim it when they start their company. The reliefs offered by the government-approved Enterprise Investment Scheme and Seed Enterprise Investment Scheme are typically claimed by business angels. However, they can also be available to those who initially start a company, with no tax due on the eventual sale. 

HMRC could follow the IRS in crypto crackdown
Chris Etherington
The recent infrastructure bill passed by the Senate in the US will be partially funded by an estimated $28 billion in taxes from unreported cryptocurrency profits. Under the terms of the new US law, the Internal Revenue Service will receive more information from cryptocurrency exchanges on the profits made by their users. Expect the UK and HM Revenue & Customs to follow suit. 

Kopparberg sues HMRC for tax discrimination
Phil Munn and Brad Ashton
Swedish cider maker Kopparberg has launched a claim against HM Revenue and Customs, arguing that a tax loophole discriminated against non-UK based drinks manufacturers.