The landmark tax case between Geoff Jones of Arctic Systems and HM Revenue and Customs will not be heard until after next year’s income tax self-assessment deadline has passed, the PCG has announced.
The decision will be received with dismay by many other family businesses which could be similarly affected by the controversial settlements legislation (S660) and have therefore been following the case to determine their own position. However, the hearing will now take place no earlier than January 31st 2007.
John Thomas, chief executive officer of PCG, commented: "It is a shame that there will not be a judgement in time to bring certainty for taxpayers before the January 31st deadline.
"We had originally hoped that the case would be settled before the end of 2006, but sadly the timescales involved with taking a case to the House of Lords mean that this has not proved possible."
PCG is continuing to support Geoff and Diana Jones until the House of Lords reach a final verdict.
Editors note (Feb 2012):
The original settlements legislation dates back to the 1930s and was subsequently updated first in 1988, when it became the more familiar Section 660. It was changed again in 2005 when it was updated and rewritten into its current form as Section 624 of the Income Tax (Trading and Other Income) Act (ITTOIA) 2005. See more information on the current settlements legislation.
Published: Wednesday, October 25, 2006
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