Technical Updates

BLUE CHIP HOTELS LIMITED [2017] BVC 516 Supply of land with no additional services is exempt from VAT provided there is no option to tax to override the position.  Blue Chip Hotels Ltd (BCH) sought to argue that supply of a room in which a wedding ceremony was held fell within the exemption. In reaching its decision the Upper Tribunal considered whether: the customer had…

High value UK residential properties occupied by non-domiciliaries have been acquired within a company structure for a variety of different reasons, often for reasons such as privacy or to manage exposure to UK inheritance tax.  The Government introduced new rules with effect from 1 April 2013 to counter perceived (Stamp Duty Land Tax) avoidance resulting from corporate…

On 15 September 2016, new rules came into force in relation to ‘serial tax avoiders’. These rules mean that it may be in the best interests of taxpayers who have used (or are using) tax avoidance schemes to declare to HMRC the use of and leave those schemes as quickly as possible. Tax avoidance schemes that count towards serial tax avoidance status are: Schemes entered into on…

Small entities fell within the scope of FRS102 for accounting periods commencing on or after 1 January 2016. Under FRS102, a notional interest charge, based on a market rate, had to be calculated and recognised in the profit and loss account where the terms of non-fixed term loan were not at an arm’s length price. The terms of loans from directors are commonly at a non-arms’s length…

UK investment management firms currently have to comply with a piece of legislation known as The Markets in Financial Instruments Directive (MiFID). Introduced in November 2007, it sought to improve the competitiveness of financial markets within the European Union by creating a single market for investment services and activities, and to ensure a high degree of protection for…

Please download the pdf to view the UK Tax Data Card 2017/18.

Please download the pdf to view the French Tax Data Card 2017.

U-DRIVE LTD [2017] BVC 510 This case considers the right to input VAT recovery in relation to tripartite arrangements.  It is important to understand in such situations who is the actual recipient of the supply since the right to input VAT deduction is conferred on the recipient and not the person contractually obliged to settle the liability. U-Drive is a vehicle hire…

Note: The government announced significant delays to making tax digital in July 2017. This update should therefore be read in conjunction with our July 2017 update which is available on our website.

Note: This update was written on 15 March 2017. It is based on the government’s proposals at that point in time which don’t necessarily represent the final legislation. No action should be taken based on this update without taking proper advice.

Note: The government finalised the reform of the non-dom regime, and this was part of the second Finance Act of 2017 which gained Royal Assent on 16 November 2017 - please see our technical update “Reform of the non-dom regime – Summary”.

Note: This update was written on 24 November 2016. It is based on the government’s proposals at that point in time which don’t necessarily represent the final legislation. No action should be taken based on this update without taking proper advice.