PBR 2008: Government abandons income shifting legislation - for now

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The government has announced it is not to proceed with the income shifting legislation for now. The Government says it firmly believes it is unfair to allow a minority of individuals to benefit financially from shifting part of their income to someone else who is subject to a lower rate of tax - known as income shifting, but given the current economic challenges is deferring action on income shifting and will not bring forward legislation at Finance Bill 2009. The government says it will instead keep the issue under review.

Andrew Hubbard, CIOT Deputy President, says: "The current system for taxing small businesses is riddled with anomalies and inconsistencies and is need of a radical overhaul. But the income shifting regime would have made matters worse. It would have created a huge admi...

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