IR35 repealed

[rectifier]

"We will repeal 2017 and 2021 reforms to IR35" Kwarteng just said in his budget speech.

[jamesbrown]

Yes, Chapter 10 gone, it sounds like.

[Lance]

but TAAR will stay so there's going to be more crying on these boards over premature MVLs

[jamesbrown]

but TAAR will stay so there's going to be more crying on these boards over premature MVLs

Indeed. Much gnashing of teeth and wailing to follow.

[rectifier]

I presume it's likely to be repealed from next April - 2 years after some people will have MVLed, so not too bad for some.

[jamesbrown]

I presume it's likely to be repealed from next April - 2 years after some people will have MVLed, so not too bad for some.

The two years begins from each distribution.

[ensignia]

Stupid decision. It needed to happen.

[aoc]

I understood the 2 years rule only really mattered if you'd use ER or whatever it's been rebranded to.

If you just pay your CGT there's no tax repayment/clawback when restarting in the same trade/work within 2 years? So long as the liquidation had justification e.g. went to employment.

[Lance]

load of low hanging fruit for HMRC when 100k of contractors switch to outside April 6th.
Allowing the contractor to make the determination will not make the previous SDS invalid. That SDS will still remain a fact and will be evidence for the prosecution.

Best advice if switching will be to move to another client. Most won't.

[Lance]

I understood the 2 years rule only really mattered if you'd use ER or whatever it's been rebranded to.

If you just pay your CGT there's no tax repayment/clawback when restarting in the same trade/work within 2 years? So long as the liquidation had justification e.g. went to employment.

nope.

It's about capital distribution not ER/BADR