Arctic Systems lost its landmark 'husband and wife' tax case at the High Court this morning.
Geoff and Diana Jones of Arctic Systems
Arctic Systems loses landmark test case
Arctic Systems loses landmark 'husband and wife' test case
Accountancy Age, 27 Apr 2005
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Mr Justice Park ruled in favour of the Revenue in a decision that could cost small family-owned businesses nationally up to £1bn, accountants say.
The case concerns the tax treatment of dividends paid to spouses in family-owned businesses. It affects the rate at which dividends paid to a lower-earning spouse should be taxed at; at their own marginal rate or at the rate of the main earner.
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