Budget 2008 - income shifting
13th March 2008The Government has announced that its income shifting proposals have been delayed for one year to allow further consultation to take place.
Richard Mannion said: "This is really good news because it gives advisers more time to convince the Chancellor that his original proposals would have been totally unworkable on the ground."
"The current rules mean that the playing surface is not level - but that is mostly because of the amounts of sticking plaster applied over a long period of time. Rather than apply yet more sticking plaster, what we need is a proper root and branch review of the tax rules for owner managed businesses that will stand the test of time.
Richard Mannion
National Tax Director
Smith & Williamson Ltd
Telephone number 0207 131 4252
Disclaimer
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
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Smith & Williamson is an independent professional and financial services group employing over 1,400 people. The group is a leading provider of investment management, financial advisory and accountancy services to private clients, professional practices and mid-to-large corporates. The group operates from offices in London, Belfast, Bristol, Glasgow, Guildford, Maidstone, Salisbury, Southampton, and Worcester.
Smith & Williamson Limited
Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International, a worldwide network of independent accounting firms.
