{"id":223,"date":"2011-01-16T08:00:06","date_gmt":"2011-01-16T08:00:06","guid":{"rendered":"http:\/\/my-brains.co.uk\/jackross\/blog\/?p=223"},"modified":"2011-01-16T08:00:06","modified_gmt":"2011-01-16T08:00:06","slug":"government-turns-its-eye-to-income-splitting-once-more","status":"publish","type":"post","link":"https:\/\/my-brains.co.uk\/jackross\/government-turns-its-eye-to-income-splitting-once-more\/","title":{"rendered":"Government turns its eye to income splitting once more"},"content":{"rendered":"

The question of family firms that split income between husbands and wives in\u00a0order to reduce tax bills may come under the scrutiny of the Office of Tax\u00a0Simplification (OTS).<\/p>\n

For HM Revenue and Customs (HMRC), the issue has long been a challenging\u00a0one. In the past, the tax authority has used laws passed in 1930s to stop\u00a0family businesses shifting income between spouses through dividend payments\u00a0as a means of limiting tax liabilities.<\/p>\n

The Treasury had promised to legislate in 2007 to make the law clearer, but\u00a0a subsequent consultation yielded no new laws. Now the OTS, set up by the\u00a0Government to streamline the tax system, may be re-examining the matter.\u00a0John Whiting, the tax director at the OTS, has suggested that income\u00a0splitting could be under review again.<\/p>\n

Mr Whiting said: “Income splitting is in the pretty-difficult-to-do box\u00a0because it has been looked at a heck of a lot. We have to come up with some\u00a0ways forward. I hope we can come up with some quick tweaks that can make a\u00a0difference, but I am no under illusions that some of the things we could\u00a0come up with will require some serious study.”<\/p>\n

The tax system looks all set to undergo a series of reforms, which means\u00a0that the start of 2011 may be an opportune time to examine your own tax\u00a0planning. Remember: we are here to help make sure that you both comply with\u00a0the rules and pay no more tax than you should be paying.<\/p>\n

For more information contact Bernadette Gibson at\u00a0bernadette@jackross.co.uk<\/a> or visit our\u00a0Contact Page<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The question of family firms that split income between husbands and wives in\u00a0order to reduce tax bills may come under the scrutiny of the Office of Tax\u00a0Simplification (OTS). For HM Revenue and Customs (HMRC), the issue has long been a challenging\u00a0one. In the past, the tax authority has used laws passed in 1930s to stop\u00a0family… Read More »Government turns its eye to income splitting once more<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":""},"categories":[5],"tags":[],"yoast_head":"\nGovernment turns its eye to income splitting once more - Manchester Chartered Accountants<\/title>\n<meta name=\"description\" content=\"The question of family firms that split income between husbands and wives in\u00a0order to reduce tax bills may come under the scrutiny of the Office of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/my-brains.co.uk\/jackross\/government-turns-its-eye-to-income-splitting-once-more\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government turns its eye to income splitting once more - 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