Advisers should not read anything into the fact that the Arctic Systems
hearing ended early at the House of Lords today.
The appeal hearing at the House of Lords was scheduled for three days,
however, the five law lords had heard enough by the middle of day two.
The case revolves around Geoff and Diana Jones’ business Arctic Systems. HM
Revenue & Customs is fighting the married
couple through the courts over the way the couple split their salaries and
dividend earned from their business.
Chris Bryce, director of the
Contractors’ Group , warned against reading anything into the quick
conclusion of the final leg of the tax battle through the courts.
‘I’m reasonably positive about the way the outcome will go, but can’t read
into the hearing finishing early,’ said Bryce.
Tax expert Anne Redston said the law lords were ‘well informed’ about the ins
and outs of the case, which sped the process up.
Redston said that if the judges decide their tax affairs were set up in
advance and designed to give something to the wife/husband, the law lords might
still add that the couple were exempt of tax under gift exemption rules.
‘This would in effect narrow the tax arrangement rules, which
could consider a partial victory, but allow husband and wife businesses with
more beneficial tax treatment as fought for by the Jones,’ he said.
The result is not expected to be known for six to eight weeks.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy