For breaking news and expert comment on income shifting...
View latest ›
Subscribe Now
HM Revenue and Customs is to take the Arctic Systems case to the House of Lords in an attempt overturn last Decembers win at the Court of Appeal.
The case is based around tax law referred to as Section 660a, which could see husband and wife companies paying thousands more in tax.
Tens of thousands of partners using company dividends to reduce their joint tax bills could now face retrospective bills of up to £9,000 each.
The announcement came at the eleventh hour to go ahead.
For an examination of the potential cost see ‘How Much Could Section 660 Cost You’.
You can also calculate how it could affect you personally using the Section 660 Calculator.
Source: Telegraph - Arctic Systems husband and wife ruling challenged
Published: Monday, January 16, 2006