Michael Sherry

Jan 7, 2025 | taxjournal.com | David Whiscombe |Benjamin Wonnacott |Michael Sherry |Andrew Constable

In M R Currell Ltd v HMRC [2024] UKUT 404 (TCC) (6 December 2024) the Upper Tribunal (UT) considered an appeal of the taxpayer company against a decision of the First-tier Tribunal (FTT) that a director and shareholder of the taxpayer company received taxable earnings in circumstances where the company had made a contribution to an employee benefit trust (EBT) which then subsequently loaned an equivalent amount to the shareholder director.

Jan 7, 2025 | taxjournal.com | David Whiscombe |Benjamin Wonnacott |Michael Sherry |Andrew Constable

In JTC Employer Solutions Trustee Ltd and others v W Garnett and others[2024] EWHC 3128 (Ch) (9 December 2024) the High Court (HC) permitted rescission in relation to Employee Benefit Trust appointments to sub-trusts with the result that IHT in the region of £7m was avoided. The HC decided that the mistake in creating sub-trusts was sufficiently grave to render it unconscionable to leave the mistaken dispositions uncorrected.

Jan 7, 2025 | taxjournal.com | Daniel Lusted |David Whiscombe |Benjamin Wonnacott |Michael Sherry

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Jan 6, 2025 | taxjournal.com | David Whiscombe |Benjamin Wonnacott |Michael Sherry |Mike Lane

HMRC have confirmed to the CIOT that they have decided not to appeal the FTT decisions on contracted-out and subsidised R&D in Collins Construction Ltd v HMRC [2024] UK FTT 951 (TC) and Stage One Creative Services v HMRC [2024] UKFTT 1059 (TC). Those cases related to the pre-2024 R&D regime for SMEs but will be of particular interest to advisers who have ongoing cases involving questions around subsidies and sub-contracting. HMRC say they intend to publish guidance in February 2025.

Jan 6, 2025 | taxjournal.com | David Whiscombe |Benjamin Wonnacott |Michael Sherry |Mike Lane

HMRC have confirmed to the CIOT that they have decided not to appeal the FTT decisions on contracted-out and subsidised R&D in Collins Construction Ltd v HMRC [2024] UK FTT 951 (TC) and Stage One Creative Services v HMRC [2024] UKFTT 1059 (TC). Those cases related to the pre-2024 R&D regime for SMEs but will be of particular interest to advisers who have ongoing cases involving questions around subsidies and sub-contracting. HMRC say they intend to publish guidance in February 2025.