Finance Bill 2019-20 measures effective from 11 July or earlier

Below are some notes on Finance Bill 2019/20 measures that took effect from 1 or 24 January 2019 or 11 July 2019. For a further discussion of the implication of these or any other Finance Bill 2019/20 measures, please get...

Held incompatible with EU law- UK relief for share losses and irrecoverable debts to traders

The European Commission (EC) has issued two infringement notices to the UK on share loss relief and CGT relief on irrecoverable loans to traders.   Comment The infringement notices concern the principle of freedom of movement of capital. If the...

Share loss relief – evidence of issue of shares

Share Loss Relief allows capital losses which arise in respect of shares to be set against a person’s income providing certain conditions are met. HMRC’s detailed guidance is at VCM70000. A key feature is that, in order for a loss...

Share loss relief claim succeeds in Lewis

A First Tier Tribunal (FTT) case that would have looked unpromising at first sight has been decided in the taxpayer’s favour (John Lewis v HMRC[2016] UKFTT 0254). John Lewis (John) represented himself in appealing against an HMRC closure notice refusing...

NAO’s winter of discontent over HMRC tax relief administration should not threaten reliefs

Some have greeted National Audit Office (NAO) report “The effective management of tax reliefs”, issued on 21 November as if it creates a threat to certain tax reliefs, including entrepreneurs’ relief (ER) from capital gains tax (CGT). That is not...