Budget 2006: Small companies - you have been warned! By Rebecca Benneyworth | AccountingWEB

<b>Budget 2006:</b> Small companies - you have been warned! By Rebecca Benneyworth

The abolition of the nil rate band of corporation tax, and the related non corporate distribution rate was received with a sigh of relief by most practitioners, and even many of their clients.


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Fair Share of Tax and NIC's

baseline | | Permalink

What this means is that the state (Treasury) has a Royal prerogative to obtain Revenues from Crown Subjects, who have no individual rights in law, constrained only by the common law. This law does not extend to Corporations by the same degree.

If the Queens representatives in Parliament (the State) cannot deliver clear and unambiguous law then there are no limits to what may be considered Revenue for the Crown.

This is the principal reason why Parliament does not, or has no incentive to, provide good and unambiguous taxation law.

Excellent comments Rebecca

JSJ54 | | Permalink

Surely the professional bodies should be shouting this from the rooftops?