News & Insights

Just before Christmas, the First Tier Tribunal published its decision in Portview Fit-Out Limited; a case involving the Clavis Herald SPT planning, which was heard in July 2021. We posted an article in June last year that discussed the Tribunal decision in the Avonside Roofing case, which also involved the same planning. https://tridenttax.com/tribunal-decision-in-recent-clavis-herald-case-is-timely-reminder-that-hmrc-must-play-by-the-rules/. In that…

As predicted some time ago, HMRC has now written to UK holders of cryptoassets to “nudge” them to check their capital gains tax position. The letter informs recipients that disposals of cryptoassets may give rise to capital gains tax liabilities. It explains that disposals of cryptoassets include: Selling them for sterling or other “fiat” currencies;…

We were recently approached by a firm of accountants in the Midlands to assist with settling a long running dispute with HMRC. The fact pattern was simple, but nonetheless interesting.  A Bermudan resident company had been established in 1997 (with corporate directors) to hold UK rental property.  The shareholders of the company were also non-UK…

Ryan Conlon and Richard Wynne of Trident Tax had their recent Breakfast Tax Club presentation on “Taxation of UK residential property: Major changes & current opportunities” recorded by London Property – Home of Super Prime. Please visit the following link: https://lnkd.in/exsmGZXn where you’ll be able to watch the full presentation. If you would like to discuss any…

Single premium non-qualifying life assurance policies issued by non-UK life assurance companies “offshore bonds”, have been in existence since the late 1960’s and today their principal attractions remain the same as they have always been. If the rules on how investments can be made are followed correctly, significant tax benefits can be achieved over a…

In our previous article, we looked at HMRC’s efforts to recover PAYE from individuals under tax legislation where the tax was lost as a result of planning entered into by a company. In this article we consider the increasing efforts to recover company tax liabilities from individuals through the Insolvency Act. What does this mean…

Share-for-share exchanges are a common part of company sales and reorganisations. Broadly, where a shareholder disposes of shares in company A in exchange for shares in company B, and following the disposal company B holds more than 25% of the shares in company A, the shares in company B are deemed to stand in the…

We are seeing increasing incidents of HMRC looking to settle company liabilities with former company directors on the basis that income tax can be recovered from individuals despite it being assessed on the company under the PAYE regulations. We are also seeing HMRC press liquidators to recover assets and funds from former directors in order…

The FTT’s decision in favour of the taxpayer in the case of Marlborough DP Limited v The Commissioners for HMRC [2021] UKFTT0304 (TC), released on 1 September, goes against the grain of most of the judicial decisions over the course of the last few years in cases involving trust arrangements by close companies and their…

A First Tier Tribunal recently considered this in the case of Syngenta Holdings Ltd v HMRC, [2021] UKFTT 236, in relation to HMRC’s request for disclosure of a number of categories of information, include a request that “the emails to [five named individuals] for the period of two years leading up to the approval of…