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Tax weekly highlights—12 May 2022

Published on: 12 May 2022
Published by: LexisPSL
  • Tax weekly highlights—12 May 2022
  • In this issue:
  • Companies and corporation tax
  • Proposals to reform the capital allowances regime
  • FTT decides debt release not taxable under loan relationship rules (Hexagon Properties Ltd v HMRC)
  • VAT
  • Supreme Court confirms no VAT recovery on supplies mistakenly treated as exempt (Zipvit v HMRC)
  • Guidance on upcoming changes to VAT penalties and interest charges
  • Updates to VAT Notice 700: VAT guide
  • International
  • More...

Article summary

This week's edition of Tax weekly highlights includes: (1) the Supreme Court decision in Zipvit confirming that no VAT recovery was available on supplies mistakenly treated as exempt, (2) a government policy paper aimed to kick start discussions on reforming the UK’s capital allowances regime, (3) an OECD consultation on the financial services exclusion under Amount A of Pillar One, (4) the FTT decision in Hexagon Properties that the release of company debt owed to a bank was not taxable under the loan relationships rules, and (5) the FTT decision in Beard that distributions paid by a Jersey company out of share premium were dividends of an income nature for UK tax purposes. or take a trial to read the full analysis.

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