Tax update, November 2017

In this month’s update we report on HMRC’s revised guidance relating to venture capital schemes, the coming into force of section 166, Finance Act 2016 (offences relating to offshore income) and HMRC’s new guidance on self-reporting for failure to prevent the facilitation of tax avoidance.

We also comment on three recent tax cases on principle private residence relief, section 114, Taxes Management Act 1970 and a penalty case in which the judge described HMRC’s argument as “clap trap”.