Eaves and Co June 2013 Newsletter

An Update on Reasonable Excuse: “Death, disease, disaster”?

WithReasonable excuse a number of tax cases being found in favour of the taxpayer on reasonable excuse, we take a look at HMRC’s current practices and consider whether HMRC are following the recent case law.  A member of HMRC recently stated to us that reasonable excuse meant “Death, disease or disaster”….

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Taxpayer wins on Property Trading – Albermarle 4 LLP v HMRC

The case of Albermarle 4 relates to the classic dilemma of property dealing.  Is it a trading transaction, taxable as income?  The case on ‘property trading’ has been won by taxpayers, but longer term, HMRC may be secretly cheering their own defeat because of the possible arguments it may give them on other future cases…

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HMRC Knocks Cricket Club for Six

Cocricketunty cricket clubs have broadly been given a clean bill of health by HMRC, although questions are still being asked about tax associated with image rights for Test players and there have been problems with the tax position of players’ agents.

HMRC though have denied they are targeting local sports clubs after a cricket club was sent a tax bill of over £14,000…

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A Property Business Can Qualify for Incorporation Relief

In incorporationanother recent win for taxpayers in the case of Ramsay v CRC it was determined that a property business can qualify for Incorporation Relief.  Mrs Ramsay appealed against HMRC’s decision to deny her relief under TCGA 1992 s.162 on the transfer of a property into a company…

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