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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...
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...
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...
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...
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...
HM Revenue and Customs (HMRC) have been unsuccessful in their appeal against a decision that a dividend received by a man in the 2016/17 tax year was paid for Income Tax (IT) purposes in that year, even though another shareholder had received the dividend in...
Whether a taxpayer has a reasonable excuse for a failure to comply with their obligations depends on the circumstances in which the failure arose, including the taxpayer's experience and their situation at the time. Recently, a taxpayer obtained permission...
The Financial Conduct Authority (FCA) is proposing changes to the safeguarding regime that applies to payments and e-money firms, in order to better protect customers. Funds held by payments firms are not covered by the Financial Services Compensation...
Individual taxpayers often rely on advisors to handle their tax affairs, but it is wise to make sure they are doing everything that needs to be done. In a recent case, a man whose accountant failed to file tax returns on his behalf was refused permission to...
A man recently succeeded in his argument that a property he had purchased consisted of two separate dwellings and therefore qualified for Multiple Dwellings Relief (MDR) from Stamp Duty Land Tax (SDLT). Although MDR was abolished earlier this year, it can...
