Weekly tax brief | 17 May 2022

In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments. Please feel free to share this update with any of your colleagues and invite them to sign up to our regular briefings here.  

Regular readers will be pleased to hear that the recently retired editor of Weekly Tax Brief, George Bull, has won a Lifetime Achievement Award at the Tolley’s Taxation Awards 2022. We are sure you will agree it is thoroughly well-deserved and a very dapper George can be seen picking up his award here.

Crypto crash a tax disaster for traders
Chris Etherington
The crypto market has suffered huge losses in recent weeks with some coins now standing at less than 10 per cent of their market peaks in the year to 5 April 2022. It spells disaster for those who have made an income from crypto activities in the last year, rather than capital gains, as they could now be facing financially crippling tax bills that they are unable to meet.

Taking goods out of the UK for repair and bringing them back? Beware of seizures!
Jason Wellden
Individuals and businesses who take goods out of the UK in their luggage for repair overseas should read the customs rules, or risk having their goods seized for smuggling when they are brought back.

Countering inflation with collectibles
Stephanie Court and Adam Grannell
As record-breaking inflation and the dividend tax rise threatens the investment returns available on traditional asset classes, could ‘passion assets’ attracting tax exemption be the answer for some investors looking at higher risk investments to get a return?

Can bold capital allowances reforms help the UK with levelling up on the international stage?
Peter Graham
By undertaking a comprehensive capital allowances reform consultation with taxpayers and advisors, the government has a great opportunity to super-charge UK business investment and drive forward growth. But will it take the opportunity to be bold enough to help the UK catch up with its international competitors?

Average UK house price out of reach for first-time buyers using Help to Buy ISA
Stephanie Court
With average house price increases in the UK showing little signs of slowing, many first-time buyers hoping to use their Help to Buy ISA savings may find their first home is out of reach.  


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