Income Splitting - please help!

Income Splitting - please help!

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On December 6th the Treasury and HMRC published a controversial consultation document which if passed into law would fundamentally alter the way in which all small family businesses would be taxed where they are carried on as a company or a partnership. It goes way beyond any change necessary to counter the effect of the Jones v Garnett case last year, the pretext for its introduction.

What can you do?

We've mentioned before downloading the consultation document and submitting comments to them as part of the consultation process, but here is another idea to make Alistair Darling sit up and, hopefuly, take notice, along with as many Labour MPs who feel that their seat may be marginal at the next election...

There is a parliamentary device called an Early Day Motion and one has been tabled - number EDM714 - which calls for a fundamental reconsideration of these ill-thought out proposals.

You can find out more in this news story - https://www.accountingweb.co.uk/cgi-bin/item.cgi?id=179199 - but the critical mass seems to be 100 or more MPs signing - 200 and we're in business, over 300 and it would be remarkable.

So - send a E-mail to your MP asking them to sign EDM714 pointing out that this will have an enormous effect of countless small businesses and will make government taxation policy even less popular than it is now!

They only change the number of signatures added each Thursday and ideally a surge in numbers each Thursday between now and Budget Day would be a good thing! In the news story you will find comments, suggested e-mails, lists of MPs e-mail addresses etc.

Lets get busy!
Paul Soper

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By mikewhit
18th Feb 2008 13:10

If you think it will count ...
... you could also sign the No.10 petition here: http://petitions.pm.gov.uk/IncomeShifting1

Count currently 6275 ...

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