High Court deals 'bitter blow' in Arctic Systems
The High Court has decided in favour of the Inland Revenue in the landmark 'Arctic Systems' section 660A case.
The Professional Contractors Group (PCG) announced that Geoff and Diana Jones of Arctic Systems Limited have lost their appeal to the High Court, heard by Justice Park last month.
The decision handed down today, 27 April, means that the settlements legislation will apply to dividends received by Diana Jones and deem them to be her husband's income, taxable at his marginal rate of income tax.
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