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Ignorance Not a Reasonable Excuse for Tax Disclosure Failure

When an 18-year-old woman bought a derelict end terrace property in London in 2006 and sold it to developers the following year, she made no entry on her tax return, believing that principal private residence relief applied. Having made a 'discovery' of the...

What is the Tax Status of Compensation for Financial Product Mis-Selling?

Is compensation paid to individuals whose businesses have failed due to mis-selling of financial products subject to Income Tax? In a decision that will disappoint many victims of bank wrongdoing, the First-tier Tribunal (FTT) has answered that question in...

CGT Net Tightens for Homeowners

The recent Budget contained an announcement that will be unwelcome news for some property owners. The sale of a person's principal private residence has always received favourable treatment for Capital Gains Tax (CGT) purposes. Normally such sales are...

If HMRC Don't Get it Right

You may be forgiven for thinking that the authorities always follow proper procedures, but that is not the case, and when they fail, their actions may not be legally valid. In a recent case, a series of errors put a taxpayer and HM Revenue and Customs...

Relief for Families as Missing Persons Act to Come Into Force

Legislation that will give families of people who go missing the ability to administer their affairs is to come into effect: but not until July 2019. The Bill received the Royal Assent as long ago as April 2017, but the need for secondary regulations and...

Capital and Income Losses Mean Different Things for Tax

When an investment is made in a capital asset that subsequently becomes valueless, the loss can normally be used to reduce future liabilities to Capital Gains Tax when a capital asset is sold at a profit. There are also rules which permit trading expenses...

Don't Be Caught in a Pension Scam

Scams of all shapes and sizes are becoming depressingly frequent and the Financial Conduct Authority (FCA) has warned against the rising tide of pensions scams that leave people facing years of misery in retirement as a result of passing their pension funds...

Grand Design Couple Triumph in Capital Gains Tax Test Case

Those who make a profit on the sale of their principal private residence do not have to pay Capital Gains Tax (CGT) on it. However, as a test case concerning a couple who built their own home showed, that apparently simple statement disguises a hinterland of...

Time to Review Your Discretionary Trust?

When the Finance Act 2006 came into force, it introduced a ten-year charge on discretionary trusts containing 'relevant property'. Most discretionary trusts that were started after 21 March 2006, other than those covered by specific exemptions, will carry...

Pension Pot Holders Fail to Take Advice

If you are approaching pension age, unless you are one of the increasingly few with a salary-related pension scheme, you would be wise to take professional advice before you take any irrevocable action. The decisions taken at certain points in managing your...
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