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.’
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals