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Home » News & Insights » Information Snippets

Information Snippets

Posted on 19th December 2019

• Around 460,000 people chased HMRC for refunds on overpaid income tax in the year 2018/19, according to an FOI request by insurance company, Royal London

• There is now a dedicated telephone line which authorised agents may use to contact HMRC and discuss their clients’ debts. The number is 0300 200 3887.

• A further number, 0300 200 3311, is available for authorised agents who wish to discuss their clients’ self-assessment and PAYE matters.

• The Court of Appeal in Higgins [2019] EWCA Civ 1680 has overturned the earlier Upper Tribunal decision and ruled that the period of ownership of a residence for the purposes of apportioning a gain begins with the date of completion and not an earlier date of exchange of contracts.

• The Court of Appeal has concluded that the gain made from a home bought off-plan can be covered in full by principal private residence relief, even if there was a delay in moving into the property.

• A tax tribunal has found that takings at an Indian restaurant were deliberately suppressed on VAT and corporation tax returns, leading to six years of tax investigation for its owner.

• A taxpayer failed to respond to questions about used car sales, so HMRC plucked a figure of taxable profit out of the air to use as the base for tax and penalty assessments totalling £342,943. Don’t be caught out like this, let Avanti assist you with all tax returns.

• A change of HMRC practice that may cause uncertainty for some taxpayers, and many landlords in particular.

• Business property relief (BPR) is a valuable inheritance tax (IHT) relief. The rates of BPR are 100% or 50%, depending on the type of relevant business property. For example, BPR at 100% can potentially shelter the value of an individual’s business from IHT on the owner’s death, if certain conditions are satisfied

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Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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