TaxPersonal TaxWarning on Treasury husband and wife tax

Warning on Treasury husband and wife tax

Income shifting crackdown will make it ‘impossible’ to assess liability

MPs have warned the Treasury that its proposed crackdown on income-shifting
between family business members will make it impossible for the taxpayers to
assess their liability with any certainty, and should be reconsidered before the
Budget.

West Aberdeenshire and Kincardine Liberal Democrat MP Sir Robert Smith
attacked the plans for family businesses through an Early Day Motion, signed by
another seven Lib Dems and Conservatives.

He was particularly concerned that contractors working in the oil and gas
industry would be adversely affected because the authorities appeared not to
know how the offshore industry worked.

He said: ‘One of the challenges in the North Sea is the rising cost of
production. If this tax crackdown is forced through, it will drive up these
costs and make it more difficult for new small companies to operate offshore.’

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