Six week wait for 660A case ruling
Up to a million small family businesses will have to wait at least six weeks before a ruling is made on the tax test case involving IT consultants, Arctic Systems and the Inland Revenue.
Link: Revenue drops ‘retrospective’ aspect of 660 case
After three days of legal argument, a judgement will only be delivered in six weeks time, the Professional Contractors Group said.
The PCG is representing Geoff and Diana Jones who run Arctic Systems in West Sussex and who are fighting a £42,000 tax bill.
The couple was given some relief when the Inland Revenue announced at the eleventh hour that it was dropping its claim for six years’ worth of retrospective tax under the S660A rule.
Whatever the judgement, it will be closely scrutinised by tax experts, accountants and their professional indemnity insurers as well as hundreds of thousands of similar husband and wife businesses.
After the hearing, PCG chairman Simon Juden said, ‘It seems almost unbearable for Geoff and Diana to have another few weeks of uncertainty hanging over them and there is no doubt it adds to the unfairness of the situation in which they find themselves.
‘We share their relief that the Revenue decided against pursuing the claim for retrospective tax but that doesn?t help clarify the position for so many people like the Joneses.’