Tax weekly highlights—16 July 2020

Article summary

This week’s edition of Tax highlights includes: (1) the launch of a review by the Office of Tax Simplification into the taxation of chargeable gains for individuals and smaller businesses, (2) the scheduling of all remaining stages of Finance Bill 2020’s passage through Parliament for 17 July 2020, (3) the government announcement that draft clauses for Finance Bill 2021 will be published for consultation on 21 July 2020, and (4) the FTT’s decision in Royal Bank of Canada dismissing the taxpayer’s appeal against discovery assessments charging its receipt of oil royalties to corporation tax and finding that it had been careless in leaving the royalties out of its tax returns.