Private client review for January 2024

29 January 2024

In this article, the January monthly update for Tax Journal, Edward Reed and Angus Richardson look at a number of private client developments.

This month we discuss further success for taxpayers in the realm of PPR relief in both the FTT decision of Ives and recent updates to HMRC helpsheet HS283. The Supreme Court’s decision in Fisher provides welcome clarity for taxpayers on who is regarded as a "transferor" under the Transfer of Assets Abroad regime. Parker Hannifin serves as a reminder for taxpayers to consider carefully the scope of information being requested by HMRC (here emails): HMRC are entitled only to see documents which are reasonably required to assess the taxpayer’s tax liability. A win by HMRC in Bottomer reminds us of the limits imposed by TCGA 1992 s 38 on allowable deductions when calculating the tax due on the disposal of an asset. Finally in addition to serving as a warning of the dangers of the improper use of generative AI the FTT’s decision in Harber confirmed that the taxpayer’s ignorance of the law and her mental health condition did not qualify as a "reasonable excuse" for failure to notify a CGT liability.

Read the full article.