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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...
An unauthorised mortgage broker and its associates who exploited vulnerable consumers have been ordered by the High Court to pay £4 million to the Financial Conduct Authority (FCA) . The order was obtained against a company that arranged mortgages...
Taxpayers would be well advised to give prompt attention to any correspondence they receive from HM Revenue and Customs (HMRC). In a recent case, a man who appealed tax assessments and penalties several months late failed to convince the First-tier Tribunal...
