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Articles by Robert Maas
540 Monroe Cir, Davenport, FL 33896, US
Investment Summary Net Operating Income (NOI) minus mortgage payments. Calculation: NOI - Mortgage Payments Monthly Cash Flow $417 Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value. Calculation: NOI / Market Value Cap Rate 10.8% Annual Cash Flow / Cash Invested Calculation: Annual cash flow divided by initial cash invested. Cash-on-Cash Return 20.1% Net Operating Income (NOI) divided by total debt payments.
Reflections on the state of tax today
Home >Articles > Reflections on the state of tax today Reflections on the state of tax today 30 March 2023 A longer tax code and a more punitive tax authority. On his retirement after working in tax for almost 60 years, Robert Maas (formerly Carter Backer Winter) reflects on the evolution of the UK tax landscape. I started to specialise in tax in 1965, just after the introduction of corporation tax and capital gains tax.
Treasury Committee questions OTS closure
The Commons Treasury Committee is to write to the chancellor, asking why the Office of Tax Simplification is to be abolished. As part of its recent tax reliefs enquiry, the committee recently held a session with the OTS focusing on how its closure is likely to affect efforts to improve the tax relief system.
Clarifications needed on draft R&D guidance, says CIOT
Home >Articles > Clarifications needed on draft R&D guidance, says CIOT Clarifications needed on draft R&D guidance, says CIOT 7 March 2023 The CIOT has responded to HMRC’s consultation on draft guidance which will ultimately accompany the proposed April 2023 changes to research and development tax reliefs. Key comments include: The guidance under the ‘Overseas Expenditure’ heading as to which payments are subject to PAYE and NIC does not provide a clear and accurate explanation of the position.
T Norton and another v HMRC
Home >Articles > T Norton and another v HMRC T Norton and another v HMRC 7 March 2023 Discovery assessment issued during enquiry window was invalid In T Norton and another v HMRC [2023] UKUT 48 (24 February 2023), the Upper Tribunal (UT) allowed an appeal against the issuance of a discovery assessment on the basis that they cannot be issued while the enquiry window remains open. It dismissed the...
Finance Bill expected on 23 March
The Spring Finance Bill 2023 will be published on 23 March, the Treasury has confirmed in a written statement.
HMRC manual changes: 3 March 2023
Home >Articles > HMRC manual changes: 3 March 2023 HMRC manual changes: 3 March 2023 2 March 2023 This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors. Direct taxes Manual Page Comments National Insurance Manual Updated: NIM23800 and NIM74250 Clarified guidance regarding how to establish the Class 2 NICs position for property and investment (before and after 5...
Other cases that caught our eye 3 March 2023
Home >Articles > Other cases that caught our eye 3 March 2023 28 February 2023 Whether negligent tax advice time-barred: S Etror and another v Speechly Bircham LLP [2023] EWHC 386 (Ch) (23 February 2023), is not a tax case as such but will be of interest to many private client advisers. The context is advice relating to the...
HMRC’s LSS manual
HMRC has published a new internal manual covering the litigation and settlement strategy (LSS). Anyone hoping for a new era of flexibility from HMRC will, however, be disappointed. The LSS itself – the document and accompanying commentary setting out HMRC’s approach to settling disputes with taxpayers – remains unchanged. The new guidance does, however, attempt to shed some additional light on HMRC’s approach.
Businesses give Windsor Framework a cautious welcome
Home >Articles > Businesses give Windsor Framework a cautious welcome Businesses give Windsor Framework a cautious welcome 1 March 2023 The Windsor Framework will fundamentally rewrite the Northern Ireland protocol to the EU withdrawal agreement, and will fix the practical problems faced by people and businesses, Prime Minister Rishi Sunak said.
GAAR opinions and appeals
A good deal has been written about the general anti-abuse rule and the decisions of the GAAR Panel to whom HMRC can refer cases where it feels that the taxpayer has entered into a transaction which involved contrived or abnormal steps and that the arrangements did not represent a reasonable course of action – with the intention of securing a tax advantage. Such a reference to the GAAR Panel is of course only made if the transactions are in accordance with the law.
Professional bodies urge chancellor to improve HMRC service levels
Home >Articles > Professional bodies urge chancellor to improve HMRC service levels Professional bodies urge chancellor to improve HMRC service levels 1 March 2023 The heads of ten leading UK professional bodies have signed an open letter urging Chancellor Jeremy Hunt to prioritise investment in HMRC’s service levels in his upcoming Budget statement on 15 March 2023.
Dr S Rizvi v HMRC
Home >Articles > Dr S Rizvi v HMRC Dr S Rizvi v HMRC 28 February 2023 Self-assessment EIS relief claim despite lack of EIS3 certificates was careless In Dr S Rizvi v HMRC [2023] UKFTT 124 (TC) (13 February), the FTT held that the taxpayer’s agent had been careless when submitting a claim for enterprise investment scheme (EIS) relief for investments which had not been granted EIS3...
Windsor Framework potential tax impact
On 27 February 2023, details of the Windsor Framework were revealed. The Framework aims to address issues with the application of the Northern Ireland Protocol, including trade friction. From a tax perspective, the Framework could have important ramifications for VAT, excise and customs. Customs: Under the terms of the Framework there would be no requirement to collect export declarations for a significant majority of trade from Northern Ireland to Great Britain.
Paradise Wildlife Park Ltd v HMRC
Home >Articles > Paradise Wildlife Park Ltd v HMRC Paradise Wildlife Park Ltd v HMRC 28 February 2023 Whether what was constructed was used for a relevant charitable purpose In Paradise Wildlife Park Ltd v HMRC [2023] UKFTT 122 (TC) (10 February 2023), the FTT decided that construction services supplied to a charity did not qualify for the zero rate of VAT. To the extent that buildings had been constructed, they were...
O Olufote v HMRC
Home >Articles > O Olufote v HMRC O Olufote v HMRC 28 February 2023 SDLT sub-sale scheme fails In O Olufote v HMRC [2023] UKFTT 130 (TC) (14 February 2023), the FTT dismissed the taxpayer’s appeal against a closure notice charging SDLT of approximately £10,000 on the purchase of a house. The taxpayer had used a sub-sale scheme intended to...
HMRC publishes 2023/24 rates for employers
HMRC’s Rates and thresholds for employers 2023 to 2024 page sets out various useful tax and NICs rates, thresholds and allowances ahead of the new tax year.
News Corp UK & Ireland Ltd v HMRC
Home >Articles > News Corp UK & Ireland Ltd v HMRC News Corp UK & Ireland Ltd v HMRC 28 February 2023 Supreme Court finds that digital newspapers are not ‘newspapers’ for VAT purposes In News Corp UK & Ireland Ltd v HMRC [2023] UKSC 7 (22 February 2023), the Supreme Court (SC) found that VAT zero-rating did not apply to digital newspapers, as it decided that what was being supplied was not a ‘newspaper’ and did not...
New advisory fuel rates published
Home >Articles > New advisory fuel rates published New advisory fuel rates published 28 February 2023 HMRC has issued revised advisory fuel rates from 1 March 2023, reflecting a slight fall in fuel prices in recent months. The rates apply when employers either reimburse employees for business travel in their company cars or require employees to repay the cost of fuel used for private travel.
No case for Budget tax cuts
Home >Articles > No case for Budget tax cuts No case for Budget tax cuts 28 February 2023 In a new report, the IFS suggests that, although the UK’s short-term economic outlook appears more positive than previously anticipated, concerns remain around the longer-term prospects, giving the chancellor little room for manoeuvre in his 15 March 2023 Budget.
HMRC manual changes: 24 February 2023
Home >Articles > HMRC manual changes: 24 February 2023 HMRC manual changes: 24 February 2023 23 February 2023 This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors. Direct taxes Manual Page Comments Capital Gains Manual Updated: CG14805 Clarification that, where a contingent liability becomes enforceable, the time limit for making a claim to adjust the amount of the...
Tax, politics and the next general election
Home >Articles > Tax, politics and the next general election Tax, politics and the next general election 24 February 2023 Heather Self (Blick Rothenberg) suggests what the main political parties should – and, importantly, should not – include in their manifestos. With a general election widely predicted for Spring 2024, the major parties will be drafting their manifestos over the next few months.
What did the OTS ever do for us?
Home >Articles > What did the OTS ever do for us? What did the OTS ever do for us? 24 February 2023 Bill Dodwell looks back at the work of the Office of Tax Simplification. The announcement on 23 September 2022 of the closure of the Office of Tax Simplification came as a shock and disappointment to the OTS Board and the secretariat. I must admit I’d not included ‘government abolishing job’ in my list of personal risks....
Other cases that caught our eye: 24 February 2023
Home >Articles > Other cases that caught our eye: 24 February 2023 21 February 2023 Discovery assessments and carelessness: In S Rizvi v HMRC [2023] UKFTT 124 (TC) (13 February 2023), the taxpayer had made multiple claims for enterprise investment scheme (EIS) relief, despite not holding an EIS3 for any of the investments. HMRC...
HMRC’s stakeholder conference
Home >Articles > HMRC’s stakeholder conference HMRC’s stakeholder conference 22 February 2023 HMRC says it wants ‘working together’ to become its default way of doing business. On 16 February, HMRC held its annual stakeholder conference at the QEII Centre in London, bringing their senior leadership team together with around 200 representatives from professional and trade bodies, software developers and charities groups.
Pillar Two: the impact on the UK
I have remarked before that I subscribe to CapEX (which I highly recommend) which provides me with links to articles on current affairs – some of which it commissions itself and some which are in other publications. I am however puzzled as to why they commissioned ‘Levelling down: signing up to the OECD tax plan risks undermining key government policies’. This was written by Connor Axiotes, who describes himself as the director of communications at the Adam Smith Institute (a think tank).
Budget predictions: private client view
In normal times the kind of public finance windfall reported by the ONS this week would be wind in the sails of a chancellor a few weeks out from the Budget. But being around £7bn better off than expected has arguably placed a bullseye on the Chancellor and his red box.
CGT exemption, dwelling-house disposals and the period of ownership
Home >Articles > CGT exemption, dwelling-house disposals and the period of ownership CGT exemption, dwelling-house disposals and the period of ownership 22 February 2023 What is the period of ownership where a house is built on land and occupied some time after acquisition of the land? A complete or partial exemption from CGT on a gain made on disposal of a dwelling-house (or part of a dwelling-house) that is your ‘main residence’ has been a feature of CGT since its earliest days.
Post Office scandal raises tax issues
Home >Articles > Post Office scandal raises tax issues Post Office scandal raises tax issues 21 February 2023 Resolution of the scandal surrounding the historical treatment of Post Office branch managers (‘sub-postmasters’) involves the payment of compensation in many cases. Much of that compensation could, however, disappear in tax.
Privileged documents and third party notices: how far do HMRC’s information powers reach?
Home >Articles > Privileged documents and third party notices: how far do HMRC’s information powers reach? Privileged documents and third party notices: how far do HMRC’s information powers reach? 21 February 2023 Oliver Marre (5 Stone Buildings) examines an FTT decision that provides helpful commentary on the approach to be taken to privileged documents, proportionality and relevance.
International review for February 2023
Home >Articles > International review for February 2023 International review for February 2023 21 February 2023 The OECD’s much-awaited Pillar Two administrative guidance is among the recent developments reviewed by Tim Sarson (KPMG). Administrative guidance for implementation of Pillar Two As part of the Inclusive Framework’s (IF) ongoing work to implement Pillar Two, administrative guidance (AG) on the global anti-base erosion (GloBE) rules was released on 2 February...
HMRC publishes updated CWG2
Home >Articles > HMRC publishes updated CWG2 HMRC publishes updated CWG2 21 February 2023 HMRC has issued the 2023/24 version of its Booklet CWG2 which provides guidance and examples for employers on PAYE and NICs. Other than general updating, the latest edition reflects one substantive change. In the section on , the guidance now says that substitute P60s no longer need to be submitted to HMRC for formal approval.
Tax procedure’s dead parrot: staleness and stare decisis
Home >Articles > Tax procedure’s dead parrot: staleness and stare decisis Tax procedure’s dead parrot: staleness and stare decisis 21 February 2023 Craig Kirkham-Wilson (Simmons & Simmons) reviews a recent decision of the Upper Tribunal on staleness and Supreme Court precedent. Section 29 of TMA 1970 permits HMRC, on discovering an under-assessment of income or capital gains tax by an individual, to assess the individual to tax on the shortfall.
R&D reforms risk damage to UK economy
Home >Articles > R&D reforms risk damage to UK economy R&D reforms risk damage to UK economy 21 February 2023 Research from R&D tax relief consultants ForrestBrown suggests that 50% of UK science and technology businesses expect to relocate at least some of their R&D activity away from the UK as a result of forthcoming changes to the R&D tax relief regime from 1 April 2023.
How is HMRC using financial institution notices?
Home >Articles > How is HMRC using financial institution notices? How is HMRC using financial institution notices? 21 February 2023 Jack Prytherch (CMS) discusses the key updates from the first report on HMRC’s use of financial institution notices. Financial institution notices (FINs) were introduced with effect from June 2021 in the face of widespread concern about the removal of the key safeguards normally associated with HMRC information notices. In light of such controversy, an annual...
HMRC manual changes: 3 February 2023
Home >Articles > HMRC manual changes: 3 February 2023 HMRC manual changes: 3 February 2023 2 February 2023 This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors. Direct taxes Manual Page Comments Capital Gains Manual Updated: CG73936 Update to the guidance on substantial indirect interest under TCGA 1992, Sch 1A, para 8 in the context of non-resident chargeable...
Other cases that caught our eye: 2 February 2023
Home >Articles > Other cases that caught our eye: 2 February 2023 31 January 2023 Late filing and importance of evidence: How do you prove a negative? That was the crux of the dispute in N Burley v HMRC [2023] UKFTT 59 (TC) (17 January 2022). The taxpayer was issued with a number of penalties, totalling over £250,000, for...
Legal professional privilege and notification obligations: the CJEU ruling in Orde van Vlaamse v Vlaamse Regering
Home >Articles > Legal professional privilege and notification obligations: the CJEU ruling in Orde van Vlaamse v Vlaamse Regering Legal professional privilege and notification obligations: the CJEU ruling in Orde van Vlaamse v Vlaamse Regering 2 February 2023 Folajimi FJ Akinla (PwC) discusses the CJEU decision, highlights the position of the law in the UK and the relevance to tax practice in the UK.
Lords calls for R&D advance notifications to be dropped
In a new report Research and development tax relief and expenditure credit, the House of Lords Finance Bill Sub-Committee urges the UK government to abandon its proposed requirement for companies to make an advance notification of R&D tax relief claims.
Economic Crime and Corporate Transparency Bill
Home >Articles > Economic Crime and Corporate Transparency Bill Economic Crime and Corporate Transparency Bill 2 February 2023 Having completed all its stages in the Commons, the Economic Crime and Corporate Transparency Bill has now passed to the House of Lords, where its second reading is scheduled for 8 February.
HMRC reports on use of FINs
Home >Articles > HMRC reports on use of FINs HMRC reports on use of FINs 2 February 2023 HMRC has published its first report on the use of financial institution notices (FINs) showing that, since their introduction, FINs have helped HMRC reduce the time taken to respond to tax information requests from 12 months to just over 6, bringing the UK more closely in line with other jurisdictions and moving closer to the OECD minimum standard.
Section 75A: learning from Ridgway
Patrick Cannon’s article ‘Ridgway, SDLT and s 75A: HMRC giveth and taketh away’ (Tax Journal, 20 January 2023) makes important points, including procedural unfairness. The judge determined the appeal on a ground that was not argued by HMRC during the enquiry or in the appeal hearing. Patrick states that the decision appears to have been procedurally unfair, even if the judge reached the right answer in relation to s 75A (the relevant provision used to determine the appeal).
HMRC’s new ADR guidance: more harm than good?
Home >Articles > HMRC’s new ADR guidance: more harm than good? HMRC’s new ADR guidance: more harm than good? 22 February 2023 Anastasia Nourescu and David Pickstone (Stewarts) consider the pitfalls of HMRC’s newly published ADR guidance and how taxpayers and advisers should approach ADR going forward. On 1 February 2023, HMRC published its first alternative dispute resolution (ADR) guidance as part of its internal manual.
S & L Barnes Ltd v HMRC
Home >Articles > S & L Barnes Ltd v HMRC S & L Barnes Ltd v HMRC 31 January 2023 IR35 did not apply to rugby commentator In S & L Barnes Ltd v HMRC [2023] UKFTT 42 (TC) (20 January 2022), the FTT held that the intermediaries legislation (IR35) did not apply to a personal service company which supplied the services of former international Stuart Barnes (B) to Sky TV as...
Ince Gordon Dadds LLP v HMRC
Home >Articles > Ince Gordon Dadds LLP v HMRC Ince Gordon Dadds LLP v HMRC 31 January 2023 VAT incurred when raising funds for acquisitions In Ince Gordon Dadds LLP v HMRC [2023] UKFTT 44 (TC) (16 January 2023), the FTT decided that VAT on costs incurred for the purpose of raising funds to make acquisitions to which the representative member of a VAT group would supply management...
Gain Capital Ltd v HMRC
Home >Articles > Gain Capital Ltd v HMRC Gain Capital Ltd v HMRC 31 January 2023 Amounts gifted to repay loans were earnings from former employment In Gain Capital Ltd v HMRC [2023] UKFTT 61 (TC) (19 January 2023), the First-tier Tribunal (FTT) held that amounts gifted to two former employees, in order to enable them to repay loans entered into in connection with a historic deferred share plan,...
HMRC manual changes: 27 January 2023
Home >Articles > HMRC manual changes: 27 January 2023 HMRC manual changes: 27 January 2023 26 January 2023 This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors. Direct taxes Manual Page Comments Capital Gains Manual Updated: CG16760 Update to the guidance on elections to rebase to 31 March 1982 value for companies to reflect the freezing of the indexation allowance...
Is tax competition dead? What factors do multinationals take into account?
Home >Articles > Is tax competition dead? What factors do multinationals take into account? Is tax competition dead? What factors do multinationals take into account? 26 January 2023 Weighing up the competitiveness of different jurisdictions from a corporate tax perspective requires a nuanced analysis. Sarah Osprey (Slaughter and May) sets out the key factors to consider and explains why, with tax, it is rare to find a jurisdiction that is a clear winner. How important is tax?
MPTL, IR35 & late appeals
I have been reading the decision of the First-tier Tribunal in MPTL Ltd v HMRC [2022] UKFTT 472 (TC) which strikes me as a very harsh decision. MPTL had been in dispute with HMRC in relation to assessments raised on the company in relation to IR35. The company asked for a review. It received a 19 page decision on 20 December 2021.
VAT in the digital age: the European Commission’s proposals
Home >Articles > VAT in the digital age: the European Commission’s proposals VAT in the digital age: the European Commission’s proposals 26 January 2023 The EU has introduced far-reaching legislation governing the digital reporting of transactions, write Luigi Lungarella and Nadav Shayovitz (PKF Littlejohn).
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