Monthly Archives: March 2014

Tax on Banks – Smoke and Mirrors

Posted on March 27, 2014 by

UK banks paid a high figure in tax, according to a report from a big consultancy firm. Well they would say that wouldn’t they? But as a tax barrister I am worried about the multi-£billions of taxpayers money used to … Continue reading →

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Court of Appeal Rules on Liability of Non-Tax Specialist Accounting Firms

Posted on March 27, 2014 by

The Court of Appeal has ruled that non-tax specialist accounting firms do not have an open-ended liability for tax advice. In Mehjoo vs. Harben Barker [2014] EWCA Civ 358 an Iranian businessman living in the UK since 1971 and a … Continue reading →

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Finance Bill Published

Posted on March 27, 2014 by

The Finance (No.2) 2013-14 Bill has been published today. A copy can be seen on Parliament’s website which also helpfully tracks the progress of the Bill. A little light reading for tax fans ! http://services.parliament.uk/bills/2013-14/financeno2.html Eamon McNicholas Tax Barrister, Accountant … Continue reading →

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HMRC Used Anti-Terror Law to Investigate its Own Whistleblower

Posted on March 26, 2014 by

The Public Accounts Committee was shocked to find HMRC had used anti-terror laws to investigate a whistleblower from within HMRC. In Parliament this week the Committee questioned HMRC about an ex-HMRC employee who blew the whistle to the Committee itself … Continue reading →

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Inheritance Tax-Take Just Keeps Going Up

Posted on March 25, 2014 by

The tax-take from inheritance tax (IHT) just keeps going up and up. Currently IHT brings in about £3.5 billion a year. But the Office of Budget Responsibility (OBR), which checks the governments figures, has increased its estimate of the IHT … Continue reading →

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VAT Registration Limit Raised to £81,000

Posted on March 25, 2014 by

Following the Budget the registration limits for VAT have been raised by Statutory Instrument SI 2014/703. As from 1st April 2014 the registration limit in VAT Act schedule 1 goes up to £81,000, amongst other changes. An important point to … Continue reading →

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Finance Bill Due 21st March

Posted on March 22, 2014 by

Following the Budget the Finance Bill will be published on Thursday 21st March. Every Budget produces lots of political spin, but it is only when the fine detail is published that the real deal can be analysed. Eamon McNicholas Tax … Continue reading →

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Stately Home Old Master Painting Tax-Free Plant

Posted on March 20, 2014 by

The Court of Appeal ruled this week that a £9.4m old master painting was exempt from capital gains tax. In HMRC vs. Executors of Lord Howard [2014] EWCA 278 the Court dismissed HMRC’s claim to capital gains tax, on the … Continue reading →

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Budget, Beer and Bingo at Number 10 ?

Posted on March 19, 2014 by

On Budget day the government tweeted a poster celebrating the cuts in bingo and beer tax helping hardworking people do the things they enjoy. I’m sure it was well intentioned. One can just picture budget, beer and bingo at number … Continue reading →

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The 40% Stealth Income Tax

Posted on March 17, 2014 by

Amongst all the pre-Budget speculation I was interested as a tax barrister in the 40% income tax band as yet another stealth tax. Back in the Nigel Lawson days the 40% income tax band covered just 1 in 20 people. … Continue reading →

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