Precise

Latest News

Taxpayer's Appeal Against Late Filing Penalties Rejected

Taxpayers should always ensure that they keep up to date with their tax affairs and obtain any assistance they need in meeting their obligations. This point was demonstrated in a recent case in which the First-tier Tribunal (FTT) dismissed a taxpayer's...

Income Tax Rates and Allowances for 2025/26

The Income Tax rates and allowances for the 2025/26 tax year are largely unchanged from the 2024/25 year. The Personal Allowance – the amount you can earn before you begin to pay Income Tax – remains at £12,570. It reduces by £1 for...

Court of Appeal Rules Taxpayer Was Not Resident in UK

The Court of Appeal has reinstated an earlier ruling of the First-tier Tribunal (FTT) that a taxpayer was not resident in the UK for Income Tax purposes during the 2015/16 tax year due to exceptional circumstances that prevented her from leaving the country....

FTT Upholds Information Notice But Varies It

Under Schedule 36 of the Finance Act 2008 , HM Revenue and Customs (HMRC) may require a taxpayer to provide information or documents that are reasonably required for the purpose of checking the taxpayer's tax position. Recently, a taxpayer's appeal against...

FCA Acts to Combat Misleading Financial Promotions

Consumers should always be sure that they fully understand any financial product they intend to use and that they only deal with reputable providers. A recent report on steps taken by the Financial Conduct Authority (FCA) in 2024 against misleading financial...

HMRC Estimate 1.1 Million Taxpayers Missed Self-Assessment Deadline

HM Revenue and Customs (HMRC) have announced that more than 11.5 million taxpayers filed self-assessment tax returns for the 2023/24 tax year by the deadline of 31 January 2025. HMRC had received 11,509,810 returns by the deadline, down slightly from...

Lack of Funds Not Reasonable Excuse for Late Payment of Tax

The First-tier Tribunal (FTT) has found that a man who delayed payment of tax because he was waiting to receive the proceeds of a share sale did not have a reasonable excuse for late payment. The man's tax liability for the relevant tax year was...

Permission to Appeal Share Valuation Decision Refused

Under Section 11 of the Tribunals, Courts and Enforcement Act 2007 , an appeal to the Upper Tribunal (UT) against a decision of the First-tier Tribunal (FTT) can only be made on a point of law. This was illustrated by a recent decision in which the UT...

FCA Reports Rise in Ownership of Cryptoassets

According to research carried out by the Financial Conduct Authority (FCA), cryptoasset ownership in the UK is rising, with 12 per cent of adults now owning cryptoassets. The average value of cryptoassets held by individuals is £1,842. Those who...

Share of Maltese Properties Liable to IHT

A deceased man's sister and executor has failed to convince the First-tier Tribunal (FTT) that no Inheritance Tax (IHT) was due on his share of a number of properties in Malta. The man and his siblings had inherited an interest in the properties from...
  • Page 1 of 10