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
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.’
Report argues that the government must change the way it makes tax and budget decisions
Drastically fewer offices for HMRC in the hope to reduce their running costs
Tayabali Tomlin and d&t directors launch £20 a month TaxGo service, aiming to be the 'biggest UK firm' by client numbers
Companies must report on their complex financial structures including offshore accounts and notify HMRC