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LOOKING BACK ON ‘23
Are McVities Blissful over VAT Dispute
McVities Blissfuls hit the tax headlines in 2023 with a dispute with HMRC over whether a Blissful is wholly or partly covered in chocolate or whether the chocolate is a filling.
20% Standard Rate VAT (boo! biscuits cost 20% more)
0% Zero rate VAT (yeah and McVities reclaim VAT on costs keeping biscuit prices down)
Exempt from VAT (so-so, biscuits don’t have VAT but McVities can’t reclaim VAT on costs so more expensive than zero rated)
Former F1 Boss given Red Flag by HMRC
Finally HMRC caught up with former F1 Boss Bernie Ecclestone and the £xm trust fund he failed to declare during a previous HMRC enquiry. But why did HMRC agree not to imprison Bernie
He agreed to pay penalties and accept a suspended sentence on the basis he would file correctly over the next 2 years
He was too old
The offence was before 2016 when rules changed regarding sentencing guidelines
Whenever, wherever the Spanish tax authorities will pursue Shakira
After chasing hips-don’t-lie star Shakira for €14.5m tax bill for 2012-14 the Spanish Authorities were now seeking €6.7m for her 2018 income. But where did Shakira claim she was resident instead of Spain
United States of America
Alan Sugar might have a claim against his tax advisor
Alan Sugar was paid a huge dividend and HMRC have now sent him a tax demand for £186m when he thought he might not have to pay any tax. Why?
It was paid to an offshore trust, but his wife was a beneficiary
He moved to Spain, but he was treated as UK resident because he is in the House of Lords
The company paid a dividend to his son who lives in Jersey
Oscar Nominees were given a free “Everyone wins” gift bag worth $126,000
But how much does the IRS and state of California believe should be paid in taxes on the gift?
Nothing gifts are exempt
LOOKING FORWARD TO ‘24
Chinese New Year starts on Saturday February 10th and is the year of the Wooden Dragon
For Chinese New year gifts of red envelopes are given with money together with oranges. But how many oranges should you bring?
One (just for the male host. The Chinese consider it an insult to give a woman an orange)
Two (one for each of your hosts)
Eight (it is a lucky number in China)
On 26th July the Summer Olympics starts in Paris, but to encourage skilled workers into France how much exemption were the French tax authorities offering
No income tax for the first five years
30% of overseas bonuses and 50% of foreign income not taxed
Reduced tax rate of 5% on income for the first 3 years.
Is 2024 the year in which Inheritance tax is abolished?
The current inheritance tax nil rate band is £325,000 (plus £175,000 residential nil rate band)
The nil rate band has been frozen since 2009. How much would it be if it had increased with inflation?
There is speculation the Sugar Tax might be extended beyond soft drinks in 2024
In Canada what do companies put in Cereal boxes for a tax-break
A flavour sachet
With a UK general election due in 2024 if voter don’t understand the tax proposals, they will be in good company
Who said the hardest thing to understand is income taxes?
How did you do?
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