Weekly tax brief | 5 July 2022

VAT Reverse Charge for the construction industry: one year on
Louise Cowell
One year on from the introduction of the Domestic Reverse Charge for the construction industry, many operators still do not understand the new rules and how they apply to their business, leaving them at risk of penalties from HMRC if they get it wrong.

Assessing marital wellbeing: should tax be a priority?
Adela Cebotari
The Covid-19 pandemic was the perfect storm for some couples, with lockdowns and social distancing causing them to spend increased amounts of time together during 2020 and 2021. With ONS data suggesting a decrease in divorces in England and Wales, the divorce rate in the UK is still very high, so should tax be on the priorities list when assessing marital wellbeing?

VAT appeal threatens to shake up the sport and leisure market
Scott Harwood 
Local authorities have won an important battle with HMRC over the VAT status of their sport and leisure centres. Could they go on and win the war?

HMRC using stricter powers to check individuals’ pension tax position
Justin Stevenson 
HMRC appears to have launched a new campaign to check the historic tax position of individuals with significant pension savings, by issuing formal information notices to taxpayers, more commonly a route of last resort for uncooperative taxpayers. Whilst it is right that HMRC has the opportunity to review and correct any errors, should it be going straight to its formal information powers?

New research from HMRC on cryptoassets highlights lack of awareness from investors of the tax rules
Chris Etherington 
New research from HMRC published today on the usage of cryptocurrency shows that of those investing in the space, the majority had little or no understanding of how the Capital Gains Tax (‘CGT’) rules operated.

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