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Section 660 - Revenue releases new booklet |   |
The Inland Revenue has published a new booklet - "A Guide to the Settlements Legislation for Small Business Advisers". The main aims of the document are as follows:
"This guidance brings together in one place all of the existing, and some new, Inland Revenue guidance on the application of the settlements legislation to small businesses. This guidance is intended for use primarily by tax practitioners and accountants."
"This guidance contains some background and general principles on the settlements legislation, followed by some specific details on how the legislation applies to business situations. There is also guidance on completing the SA return, especially where the taxpayer / adviser does not agree the Inland Revenue’s view of how the settlements legislation applies.
You can download the publication at http://www.inlandrevenue.gov.uk/practitioners/guide_sba.pdf
Posted November 19, 2004
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[June 2, 2008] The Chancellor's decision to postpone the "income shifiting" proposals in March was widely celebrated - a leading accountant suggests such legislation would have had an incredibly detrimental affect on family-run businesses.
[March 13, 2008] Plans to go ahead with the controversial income shifting legislation have been shelved until 2009.
[February 27, 2008] A leading business group has submitted its formal response to the Government's controversial income shifting proposals.
[February 18, 2008] Following the Chancellor's recent partial U-turn on Capital Gains Tax, there is now mounting pressure on the Treasury to backtrack on its controversial plans to ramp up tax on family firms in the recently announced income shifting proposals.
[December 12, 2007] The Government's latest proposed clampdown on family-run businesses - this time on 'income splitting' results in more criticism by leading business organisations.
[December 7, 2007] The Government has published a consultation document outlining how it intends to clamp down on so-called 'income splitting'. Critics say the proposals will impose a horrific burden on thousands of family businesses.
[October 26, 2007] Taxpayers are facing a £500k bill after the taxman failed in its quest to pursue a family business through the courts over a disputed £7,000 tax bill.
[July 30, 2007] Following the Arctic Systems victory at the Lords last week, the Government has announced its intention to create new legislation which may cost family-owned businesses thousands.
[July 25, 2007] The House of Lords have ruled in favour of Arctic Systems in a landmark small business taxation case which could have forced small businesses to pay huge tax liabilities.
[June 21, 2007] The final arguments of a landmark Arctic Systems tax case, heard earlier this month in the House of Lords, will have a major impact on the future taxation of family businesses whether the taxman wins or loses, according
[June 5, 2007] A landmark family tax hearing began today in the House of Lords. This will be the final stage in the landmark case which will have implications for hundreds of thousands of family businesses.
[November 18, 2006] The Professional Contractors Group has announced that the Arctic Systems ("Section 660") case is scheduled to be heard by the House of Lords on June 5-7th 2007 inclusive.
[March 27, 2006] The PCG has confirmed it will continue to support Arctic Systems in their Section 660 "married couples business tax" court battle. HMRC has been granted leave to appeal to the House of Lords following Arctic Systems' Court of Appeal victory in late 2005
[March 8, 2006] Information on Section 660, rules which may affect the treatment of dividend payments for 'husband and wife' companies in the UK.
[January 19, 2006] The UK's key tax bodies have issued a guidance note to help with self assessment, in light of the the recent Arctic Systems Section 660 appeal decision (otherwise known as the "married couples business tax")
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