Tax relief on property is discussed in the Financial Times this morning, as one reader poses the question – “If I convert a barn on my farm estate into a house for my son to live in, can I claim tax relief on the conversion?” Tom Trewby advises that costs cannot be offset against farming income,…Details
In Monday’s Telegraph Laura Miller explores the repercussions of returning a signed offshore income and gains letter to HMRC. https://www.telegraph.co.uk/tax/return/dont-sign-dotted-line-warning-hmrc-letters-could-trigger-tax/ In this article Mark Davies explains that signing the disclosure might prevent a taxpayer from being able to claim an unprompted disclosure of a mistake, which would lead to higher penalties. He also warns that…Details
In Accountancy Daily on 1st July, Jon Elphick and Sian Armitage examine lessons from the recent ruling in the AFC Hull “Tigers” v HMRC First Tier Tribunal. Read the article here:- https://www.accountancydaily.co/football-players-image-rights-taxable-earnings The tribunal ruled that Hull’s payments for the image rights of one of its high profile footballers, Geovanni Gomez, constituted a golden hand…Details
The recent Hull AFC versus HMRC tribunal judgement has been examined in an article by Jon Elphick which was published in Taxation magazine. https://www.taxation.co.uk/Articles/image-rights-and-hmrc Jon’s analysis centres on “Geovanni” who is a well known, retired Brazilian footballer. He was signed to Hull City AFC Tigers in 2008 by way of an employment contract. However, his…Details
In the aftermath of the Panama/Paradise Papers, the International Bar Association (IBA) and the Secretariat of the Organisation for Economic Co-operation and Development (OECD) have issued eight principles for the legal profession to follow. Few people would disagree with Principle 1 that ‘you should not unwittingly help a client hide illegal conduct’, or Principle 3…Details
Mark Davies reveals a warning for non-doms in ePrivateClient the leading online news service for private client practitioners.
There is a stark warning for non-doms with offshore structures in HMRC’s recent publication “No Safe Havens 2019”. Last year HMRC received 5.67 million records of UK tax payers’ offshore bank accounts under the Common Reporting Standard. They correlated these with the tax return submissions and property sale information of 500,000 individuals. Illegal tax evasion…Details