| Home > Tax News > Professional Bodies > CIOT welcomes second EDM on income shifting |
CIOT welcomes second EDM on income shifting |
 |
 |
|
The Chartered Institute of Taxation (CIOT) has welcomed the second Early Day Motion (EDM) on income shifting that has been tabled in the House of Commons. When the first EDM was tabled, the CIOT said that it had long been of the view that fundamental reform to the structure of small business taxation was necessary if small businesses were to be able to plan their tax affairs with any degree of certainty. The second EDM says: “That this House… calls on HM Treasury and other affected departments to use the additional year that they have allowed themselves for consultation on this issue to undertake a thorough review of more appropriate means of providing smaller enterprises with a suitable legal entity designed for use in the 21st century, and not the 19th century as the limited company was, that will simultaneously reduce the taxation, accounting and regulatory burdens on smaller enterprises, so freeing them to generate wealth and employment in the UK economy, whilst ensuring that they can with minimum effort comply with the taxation and other requirements imposed upon them by law in a way that minimises risk of tax avoidance, creates a level playing field in which all in the sector can compete fairly and ensures that the right person is taxed on the reward they have earned at the right time and in ways which do not create artificial and inappropriate incentives to recategorise employment as self-employment, and the reward for labour effort expended as investment income.” Rob Ellerby, CIOT President, says: “The MPs who tabled this motion are right to say that by extending the process for another year, the Government has given itself a great opportunity to think through the issue more fundamentally with a view to coming to a better answer.” Link Chartered Institute of Taxation
|
|||
|
About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
|||
|
Article Added Wednesday, 26 March 2008 |
|||
Tax Insider Lite
Each month our tax experts reveal FREE tax strategies to help minimise your taxes. Get Tax Insider Lite:
Tax Books
BOOK OF THE WEEK
Inheritance Tax Simplified 2010/2011
BOOK OF THE MONTH
Bloomsbury's Tax Rates and Tables 2010/11
PROUDLY SUPPORTING
