CGT: Main residence election – Some points to note about the election.

CGT: Main residence election – Some points to note about the election.

An individual who is fortunate enough to have more than one residence may well find a main residence election useful in terms of optimising private residence relief. The legislation concerning the election is contained in TCGA 1992, s 222(5). It states: “(5) So far as it is necessary for the purposes of this section to determine which. Read more

Loss relief on shares – The importance of completing the formalities.

Loss relief on shares – The importance of completing the formalities.

Loss relief on shares Running a business generally involves a good deal of administration. This is particularly the case in respect of limited companies, which are subject to company law as well. Of course, for owner-managed and family companies in particular, there is often a tendency for company owners who are busily running the business. Read more

Courts and Tribunals: Julian Harris summarises selected recent decisions.

Courts and Tribunals: Julian Harris summarises selected recent decisions.

Delaware LLC member not entitled to double tax relief on his share of profits A UK resident member of a Delaware limited liability company (LLC) could not set his share of the profits against his UK tax liability using double tax treaty relief because the profits did not belong to the members from the moment. Read more

One Month in a Minute – Sarah Laing, Busy Practitioner

One Month in a Minute – Sarah Laing, Busy Practitioner

ALL TAXES EU launches tax compliance consultations The European Commission has launched two public consultations on specific measures designed to improve tax collection and tax compliance across the EU. The first consultation is on the development of a European Taxpayer’s Code, which would clarify the rights and obligations of both taxpayers and tax authorities. The. Read more

VAT News & Cases Round-up

VAT News & Cases Round-up

Andrew Needham, Busy Practitioner Using alternative dispute resolution to resolve disputes with HMRC Under normal circumstances if a business has a dispute with HMRC the usual procedure would be to ask for a formal reconsideration of the disputed decision by an independent officer.  If HMRC does not accept the business’ arguments and upholds the decision,. Read more

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