Reply to: Pre-Budget Report 9th October - Post-Arctic Legislation?

[Lewis]

But at least it wont be retrospective....so at least we will all be clear on what to do.




as if

Starting 2008/9 so that means from next April I assume.

[mjshrimpton]

Damn ... that will be S600 MkII then

But at least it wont be retrospective....so at least we will all be clear on what to do.




as if

[Alan @ BroomeAffinity]

After the Arctic case, the Revenue promised they would introduce legislation so that we couldn't do what the Lords said we could. This is them doing it.

It makes a bit of a mockery of the legislature that the Govt can just bat away a landmark ruling like Arctic because it doen't suit them. All in the interest of "fairness" you understand.

[Lewis]

Not heard the term "income shifting" before - probably because it's rather emotive but it's appeared on the Treasury website here: http://www.hm-treasury.gov.uk/pbr_cs...07_press02.cfm

Damn ... that will be S600 MkII then

[boxman]

Shame that contractors aren't self-employed...

[ittony]

"Working with business, we need to do more. I am announcing three reviews proposing simplification to the tax system that will let 3 million self-employed people pay their tax and National Insurance contributions more easily and 500,000 businesses reduce their paperwork by removing a separate payroll. Taken together with other measures I am proposing today, this will save British business up to £100 million a year."

Hmmm.

[boxman]

Pre-Budget Report - Income Shifting

Not heard the term "income shifting" before - probably because it's rather emotive but it's appeared on the Treasury website here: http://www.hm-treasury.gov.uk/pbr_cs...07_press02.cfm

[Lewis]

No mention of S660/IR35 MkII in highlights on Sky
http://news.sky.com/skynews/article/...287668,00.html

[moorfield]

Reading the press today he seems to have the private equity and non-dom lot high up the list - more of a vote winner that in those labour marginals where
many brick-laying labour-voting husband and wife cos live ! Fingers crossed we'll at least be dropped a few places down the "to do" list.

[Hiram King Of Tyre]

Perhaps Deloitte are wrong then

http://www.ukbudget.co.uk/PreBudget2007/index.cfm

[TheFaQQer]

Found it: 15.45

Typical bloody government spin.

The Treasury website says 3.30 - and they say they have inflation under control!

[Hiram King Of Tyre]

Found it: 15.45

[Hiram King Of Tyre]

What time is it?

I know it's nearly 11am but I mean't what time is the PBR....

[Lewis]

Hmmm did some browsing to see if things can get backdated to PBR. And found from the PBR of 2000. "So I propose to extend the lower rate licence fee, the 55 pound discount, to cars up to 1500 cc, to be paid out from July but to be backdated from today".

So maybe it is wise to declare a dividend today ?!

[zathras]

I for one am not looking forward to tomorrow's PBR.

S660 mk2 is a given.

But what concerns me is the new and mysterious term "Personal Service Company" which this government has started to use. I fear IR35 mk2 is round the corner.

IR & now HMRC have been using the term since 2000. It is of course arrant nonsense as there is no legal definition for the term in any Company legislation. It is a fiction, designed to persuade the hard of thinking that what the government is saying has anything resembling reasonableness.

Fight every opportunity to avoid the term getting legitimacy. Every official document you sign cross out PSC/Personal Service company and replace with Ltd Company.

You will note that in it's recent comments the Tories are doing the exact opposite on this issue and ensuring that those who get married or are in a civil partnership are able to split income just as those who are not related can.