Welcome to Tax update, which provides a round-up and explanation of the latest tax issues.

In this week's tax update:

General

  • Growing challenges facing HMRC – response to PAC report
  • First virtual tax court case heard
  • Public register of beneficial ownership of foreign entities owning UK property
  • Treasury Committee launches three reviews into the tax system
  • GAAR and STAR
  • Making Tax Digital – Smith & Williamson briefing note

Private client

  • Funds in an oversubscription for shares not available for CGT loss relief
  • Penalty vacated for lack of evidence

Trust, estates and IHT

  • Trusts and estates newsletter
  • Hope value must be taken into account in IHT valuation
  • Rental payment is liability for business property relief
  • HMRC publish Disclosure of Tax Avoidance Schemes (DOTAS) IHT scheme guidance

PAYE and employment

  • HMRC issues warning on loss of EMI share schemes relief from 7 April 2018
  • GAAR Advisory Panel ruling on EFRBS tripartite structure

Business tax

  • Multilateral BEPS Convention
  • Attribution of profits to permanent establishments
  • Order to implement the BEPS Multilateral Convention in the UK

VAT

  • VAT recovery of input tax in relation to fund management charges

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