Member Since: 8th Jan 2002
One of the founding partners of The Professional Training Partnership, Tim is also a director of PTP, PTP Interactive and Absolute Accounting Software and is chairman of The Tax Club. He is the author of three chapters in Tolley's Tax Planning and presenter of TAXtv.
6th Jan 2020
Leaving aside the topslicing issue, I wonder if HMRC have any authority to collect the extra £1,100. If a 2017-18 tax return was filed on say 6 January 2019 then HMRC had until 5 October 2019 (nine months from the filing date) to issue a corrected assessment. If the corrected assessment was issued on 28 October 2019 it was not valid and the extra tax is not payable. HMRC would have to open an enquiry within 12 months of the filing date (deadline 5 January 2020) or make a discovery assessment.
The more substantive topslicing issue is due to be heard by the Upper Tribunal on 31 March 2020.
19th Nov 2019
Maybe I was trying to be too clever with my Yes, No, Yes response. More fully:
"Can I ask a question about the change to the PRR rule? Yes
Does the date of occupation of the property (being after the date of transfer) also need to be before 6 April 2020? No
Or is that irrelevant, the most important point being to make the transfer before 6 April 2020? Yes
So to clarify:
No - occupation of the property is not required before 6 April 2020; and
Yes - the most important thing is to make the transfer before 6 April 2020.
18th Nov 2019
The draft Finance Bill 2019-20 clause applies the change to spousal transfers (rather than property disposals) made on or after 6 April 2020. So the answers to your three questions are yes, no and yes.
18th Nov 2019
Lol! I meant "after". But I got the Yes, No, Yes right!
5th Nov 2019
HMRC have just sent out aboout 15,ooo corrected SA302s for 2017-18. Some of these
will reflect a change they made last year to their top slicing relief calculation. The change related to the use of the savings rate band and personal savings allowance and can result in additional TSR of up to £1,100.
19th Aug 2019
Yes I would.
8th May 2019
My own view is that overpayment relief claims should be made for 2015/16 and 2016/17. HMRC will reject on the basis of "practice generally prevailing" (PGP) but see Turners (Soham) Limited TC/2016/3270 for a recent case reviewing the PGP criteria: I think HMRC will struggle to persuade a Tribunal that their incorrect top slicing caclulations were PGP.
For years 2010-11 to 2014-15 I would submit late overpayment relief claims citing ESC B41.
8th May 2019
The tax liability under s23 ITA 2007 can only benefit from the tapered PA but the top slicing relief calculation requires us to calculate hypothetical tax on the hypothetical basis that only one slice is included and in that hypothetical calculation Judge Mosedale agrees that the hypothetical PA will be based on the hypothetical income including just one slice.
28th Nov 2018
Almost all third party software uses the HMRC calculator to do the tax calculation (so that the tax figures agree and the return is not rejected). If the third party software did not trap an exclusion case and allowed online filing then such a return should be picked up by this recovery exercise.