Calculate how the ‘income shifting’ Section 624 legislation could impact your finances
Find out how the potential ‘income shifting’ legislation (S624 ITTOIA 2005, formerly S660) could affect your finances should the Government decide to resurrect plans to apply the rules to family owned businesses.
‘Income shifting’ is when ownership of a company is split between spouses to use a non-working spouse’s tax allowances. A previous Government proposed draft legislation on income shifting, but it was never implemented following the Arctic Systems case.
Use this calculator to determine your tax liability, based on your rate and your dividend split, should the legislation come into effect.
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