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Tax weekly highlights—11 July 2019

Tax weekly highlights—11 July 2019
Published on: 11 July 2019
Published by: LexisPSL
  • Tax weekly highlights—11 July 2019
  • In this issue:
  • Finance Bill 2019–20
  • Government publishes draft provisions for Finance Bill 2019–20
  • Capital and intangible assets
  • Enquiries and the timing of claims for capital allowances (HMRC v Dundas Heritable)
  • Pre-entry CGT losses (ANO (No 1) v HMRC)
  • CGT and litigation costs (N Gray v HMRC)
  • HMRC updates Capital Gains Manual
  • HMRC consults on draft regulations to amend the new hybrid capital instruments rules
  • More...

Article summary

This week’s edition of Tax highlights includes: (1) publication of draft provisions for Finance Bill 2019–20 and accompanying documents, (2) the UT’s decision in Dundas Heritable that the opening of enquiries into two returns had ‘cured’ the fact that the returns contained claims for capital allowances which would otherwise have been out of time, (3) the FTT’s decision in ANO (No 1) that a pre-ordained series of transactions, implemented to avoid the application of Schedule 7A Taxation of Chargeable Gains Act 1992 to pre-entry losses, achieved its purpose, and (4) the FTT’s decision in N Gray that the costs of litigation initiated by an aggrieved minority shareholder, against the majority shareholder, were not deductible for CGT purposes. or take a trial to read the full analysis.

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