Income Shifting Legislation

Parasol PAYE umbrella company
Over 32,000 satisfied contractors.
Get paid quicker. Call 0800 5836000.

Government should be careful over income shifting plans

Posted Nov 20, 2008

The Chartered Institute of Taxation (CIOT) has said that in these turbulent economic times, it is more important than ever that the Government tackles "income shifting" in a careful manner.

The CIOT has long argued for a fundamental review of small business tax as this would help resolve many inconsistencies including reducing the effect of the shifting of income.

Peter Fanning, Chief Executive at the CIOT said:

"The CIOT welcomes the fact that both BERR and HMRC are looking at how they can help small businesses. Given that the original income shifting proposals were aimed at only on a tiny percentage of Owner Managed Businesses in the UK but would impact on a large proportion of them, the administrative burden would far outweigh the limited tax take."

The CIOT welcomes the opportunity to work with HMRC in developing a tax base that satisfies both the taxpayer and the tax administrator.

Please scroll down for related articles

Contractor Services


Related Articles

Government should be careful over income shifting plans
A leading tax body has said that in these turbulent economic times, it is more important than ever that the Government tackles "income shifting" in a careful manner.

Income Shifting - Government plans to revive proposals
According to a contractor news site, The Treasury is working to revive its proposals on income shifting, which would limit the ability for small businesses to share dividend income among spouses or partners.

Over 7,500 sign petition against income shifting proposals
The online petition against income shifting (or the "family business tax") has closed, having collected over 7,500 signatures.

Second Income Shifting EDM calls for sensible measures on family business tax
A second Early Day Motion has been tabled calling on the Government to use the income shifting delay as an opportunity to come up with a more fair way to deal with "family business taxation".

Income shifting legislation delayed in Budget 2008
Although Alistair Darling didn't even mention income shifting in his Budget speech today, hidden away in a Treasury press release comes the news that the proposed income shifting legislation will be postponed until 2009.

Income Shifting - pressure grows for Treasury re-think
Following many months of opposition to the Government's controversial "income shifting" proposals, the Treasury is under great pressure to bin the legislation.

Contractor group slams income shifting proposals as "conceptually retarded"
The PCG has condemned the Government's latest anti-enterprise brainwave, the so-called "income shifting" tax, as "conceptually retarded".

Income Shifting - might Chancellor back down on proposals?
There is 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.

Income Shifting - what it will mean for IT Contractors
We take a look at how the proposed income shifting legislation would impact IT Contractors.

Dedicated site set up to fight "income shifting" proposals
The PCG has set up a site dedicated to the campaign against the Government's proposed "income shifting" measures.

IoD calls income shifting legislation technically defective
The IoD says that the Government's proposed income shifting legislation is technically defective and hopeless.

Income Shifting - Contractors urged to write to their MPs
The PCG has welcomed an Early Day Motion in the House of Commons, attacking the introduction of so-called "income shifting" tax legislation - a tax on family businesses.

Contractors urged to sign Income Shifting petition
Contractors are being urged to protest against the so-called income shifting legislation by signing a petition on the No.10 website.

How much will the income splitting legislation cost you?
How much more tax will you pay if you are caught by the new income shifting legislation?

Income Shifting Legislation - CIOT has grave concerns
The CIOT says it has grave concerns about the implications of the Government's proposed "income splitting" legislation.

Qdosconsulting