Tax weekly highlights—29 February 2024

Table of contents

• Budget and Finance Bills
• Scottish Parliament approves the Scottish Budget
• Spring Budget
• Individuals and income tax
• New Regulations reform Making Tax Digital for Income Tax requirements
• Anti-avoidance
• FTT imposed £900,000 penalty for six year late DOTAS disclosure (HMRC v IPS)
• Taxes management and litigation
• FTT allows late appeal and confirms self-assessment inaccuracies were careless but not deliberate (Thompson v HMRC)
• FTT holds HMRC’s VAT assessments invalid due to being time-barred (Monmore Properties Ltd v HMRC)

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Article summary

This week's edition of Tax weekly highlights includes: (1) news that the Scottish Budget Bill has been approved, (2) a reminder that the Chancellor will deliver the Spring Budget on Wednesday, 6 March 2024, (3) confirmation of the postponed commencement of Making Tax Digital for Income Tax with new implementing Regulations made, and (4) analysis of a First-tier Tax Tribunal (FTT) decision in which a large DOTAS penalty was imposed.