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| Income shifting legislation delayed |
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The Government has considered the responses received to the recent consultation on income shifting and has confirmed that it needs a further period of consultation to ensure that the legislation provides clarity and certainty for businesses and their advisers. The Government now intends to introduce legislation through Finance Bill 2009 and will not enact legislation effective from 6 April 2008. Commenting on this postponement, Andrew Hubbard, Vice-President of the Chartered Institute of Taxation (CIOT), said "The Chartered Institute of Taxation welcomes the Government's decision not to go ahead with its proposed income shifting legislation. The Institute's view has always been that the income shifting rules were a sticking plaster solution which did not address the real structural problems inherent in the ways that small businesses are currently taxed. Link Chartered Institute of Taxation
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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. |
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Article Added Wednesday, 12 March 2008 | 688 Hits |
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