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Income shifting legislation delayed in Budget 2008

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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.

Here is the Treasury excerpt:

"The Government firmly believes it is unfair that some individuals can arrange their affairs to gain a tax advantage by shifting part of their income to another person who is subject to a lower rate of tax.

"The Government has considered the responses received to the recent consultation and believes that a further period of consultation will ensure that legislation in this area 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."

Published on Mar 12, 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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