Accountants challenge taxman on S660
Accountants are set to take on the Inland Revenue to complain about the taxman?s treatment of family-run businesses.
A pressure group made up of accountants known as 660A Group ? a reference to the tax rule ? will meet Revenue deputy chairman David Hartnett on Thursday to discuss a legal ruling that upheld the Revenue’s treatment of the controversial tax law.
The landmark decision, handed down by Revenue special commissioners on 29 September, backs up the taxman?s decision to hand Arctic Systems, an IT consultancy run by Geoff and Diana Jones, a huge tax bill based on 70-year old legislation.
The ruling has serious repercussions for thousands of similar businesses, which could be forced to pay huge tax bills.