How much could the settlements legislation S624 ITTOIA 2005 cost contractors?
Contractors who are income splitting with a non-fee-earner and who find the settlements legislation applies could be seriously financially worse off.
Settlements legislation (S624/S660): minimising risks of an inspection and penalties
Contractors sharing income with a non-fee-earning partner can adopt a number of strategies to avoid an HMRC inspection that could result in penalties.
Contractor guide to the settlements legislation S624 ITTOIA 2005, formerly S660
Contractors can assign shares to a spouse despite the settlements legislation, because of the Arctic Systems case.
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