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Income Shifting - might Chancellor back down on proposals?

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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.

Reports in the Mail on Sunday and other publications suggest that the Chancellor is planning to take the sting out of his earlier plans to clamp down on husband and wife businesses.

According to the Mail on Sunday: "Sources close to talks involving the Treasury, business groups and the accounting profession say a rethink on 'income shifting' seems likely to form the centrepiece of a package of measures friendly to small business."

Published on Feb 18, 2008

Further Reading

Income Shifting - Government plans to revive proposals Over 7,500 sign petition against income shifting proposals Second Income Shifting EDM calls for sensible measures on family business tax Income shifting legislation delayed in Budget 2008 Income Shifting - pressure grows for Treasury re-think Contractor group slams income shifting proposals as "conceptually retarded" Income Shifting - might Chancellor back down on proposals? Income Shifting - what it will mean for IT Contractors

 

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